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Activision Slumps Following Settlement

Activision Blizzard Inc (NASDAQ:ATVI) agreed to pay $35 million on Friday to settle allegations against it that the video game company mishandled workplace complaints.

In a statement , the Securities and Exchange Commission said the company "was aware that its ability to attract, retain, and motivate employees was a particularly important risk in its business," but it did not have the proper controls in place between 2018 and 2021 to deal with such incidents.

Additionally, the SEC found that between 2016 and 2021, Activision Blizzard, known for franchises such as Call of Duty , Crash Bandicoot and Tony Hawk , violated a whistleblower protection that required former employees to provide notice if they received a request from the SEC's staff.

Led by CEO Bobby Kotick, Activision Blizzard is in the process of being acquired by Microsoft (NASDAQ:MSFT) in a $69-Billion deal that was announced last year. However, it has come under scrutiny across the globe, including in the U.S. by the Federal Trade Commission .

Brazil approved the transaction in October while earlier this week, Chinese game developers were said to give positive feedback on the deal.

On Thursday, it was reported that the U.K.'s antitrust authority is expected to publish its provisional findings on the planned acquisition next week .

Activision began Monday trading down $1.74, or 2.3%, to $73.50.