Virtual Legality
Virtual Legality is a continuing series discussing the law, video games, software, and everything digital, hosted by Richard Hoeg, of the Hoeg Law Business Law Firm (Hoeg Law).
Virtual Legality #14 - Securities Law, Executive Compensation, and Activision (Hoeg Law)
In this episode, Richard Hoeg discusses the new CFO at Activision Blizzard, Jason Schreyer. He delves into the role of CFOs, the alleged fraud at Activision, and what the recent SEC filings reveal about the company's state.
Key Points
- Activision's new CFO Dennis Durkin's compensation package, including $15 million in awards, is not simply for taking the job but is tied to performance metrics and operating income and earnings per share targets.
- The media portrayal of Activision being investigated for fraud following the separation from Bungie and a subsequent drop in stock price is misleading, as the "investigation" is a routine action by a law firm seeking plaintiffs for a potential class-action lawsuit, not a criminal investigation by authorities.
- The role of a CFO is critical in a corporation, especially in times of tumult, as they are responsible for accurate financial reporting and securities filings, which can prevent significant legal and financial repercussions for the company.
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Transcript
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