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Activision Facing Shareholder Lawsuit From NYC Pensions
Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
Activision Blizzard is facing yet another lawsuit—this time from the Big Apple.
The New York City Employees’ Retirement System–along with various pension funds for the city’s firefighters, police and teachers–filed suit against the Santa Monica-based video game publisher in Delaware’s Court of Chancery last month, Axios reported on Wednesday.
The plaintiffs, all Activision Blizzard shareholders, claim that Activision CEO Bobby Kotick is responsible for devaluing the pension plans’ investments by failing to adequately address allegations of sexual harassment and discrimination at the company.
Kotick and his fellow Activision directors are also accused of pushing the company’s pending $69 billion merger with Microsoft “as a means to escape liability for their egregious breaches of fiduciary duty,” according to the lawsuit.
“Given Kotick’s personal responsibility and liability for Activision’s broken workplace, it should have been clear to the Board that he was unfit to negotiate a sale of the Company,” the lawsuit says. “But it wasn’t.”
In an email statement to dot.LA, Activision offered its standard response to lawsuits: “We disagree with the allegations made in this complaint and look forward to presenting our arguments to the Court.”
The complaint alleges that Kotick and Activision’s board harmed the pension plans’ investments by undervaluing the company’s stock and rushing into a deal with Microsoft after allegations of sexual misconduct and discrimination surfaced at the company. In November, the Wall Street Journal reported that Kotick knew about sexual misconduct allegations at Activision for years, but failed to inform the board or take action.
“It is now clear that during this lengthy tenure, Kotick was aware of numerous credible allegations of misconduct by the company’s senior executives—but did nothing to address them or prevent further offenses,” the lawsuit states. “Kotick therefore faced a strong likelihood of liability for breaches of fiduciary duty, together with other members of the Board.”
Kotick has faced pressure to resign as CEO in the wake of such reports, but remains in charge of the company and is reportedly eligible for more than $500 million in stock awards as a result of the Microsoft deal.
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Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
https://twitter.com/samsonamore
samsonamore@dot.la
OpenAI's $6.6B Power Play: The Future of AI Just Got a Massive Boost 💰🚀
09:50 AM | October 04, 2024
Image Source: Open AI - Sam Altman
🔦 Spotlight
OpenAI is making some exciting moves! The company just completed a massive $6.6 billion funding round, pushing its valuation to an impressive $157 billion. Thrive Capital led the charge, with big names like Andreessen Horowitz and Founders Fund also joining in. This investment will allow OpenAI to further scale its operations and advance AI technologies like GPT-4 across various sectors such as healthcare, entertainment, and business.
But that’s not the only exciting news. OpenAI has also secured an additional$1 billion credit facility, giving the company even more financial flexibility to execute its ambitious growth plans. This safety net ensures that OpenAI has the resources to scale safely and effectively while continuing to lead the AI space.
AI is becoming integral to industries worldwide, and OpenAI’s products—like ChatGPT—are seeing rapid adoption. From education to enterprise solutions, the company is driving significant advancements in how AI is integrated into everyday life.
Following Microsoft’s $10 billion investment earlier this year, this latest round underscores the market’s confidence in OpenAI’s potential. With its strong focus on responsible AI deployment and ethical scaling, the company is set to shape the future of AI in a way that benefits a broad range of industries and addresses global challenges.
As AI evolves, OpenAI remains dedicated to pushing boundaries while ensuring that its innovations prioritize safety, scalability, and social impact. Keep an eye on this space—big things are on the horizon!
🤝 Venture Deals
LA Companies
- Impulse Space, a Redondo Beach-based company specializing in in-space transportation services, raised $150M in Series B funding led by Founders Fund, bringing its total funding to $225M, to expand its team and advance production of its Helios and Mira vehicles. - learn more
- Nevoya, a company focused on developing zero-emissions solutions for the freight and transportation industry, has raised $3M in seed funding led by Third Sphere and RedBlue Capital. - learn more
- Nusano has secured over $115M in Series C financing, led by The Wasatch Group, to accelerate the commercialization of its radioisotope production technology, aimed at improving cancer treatment and medical diagnostics. - learn more
- Future Trash, a multidisciplinary creative studio, has raised a $5M Seed funding round from TIRTA and General Catalyst to develop original intellectual property (IP) within Fortnite, focusing on building unique in-game content and experiences. - learn more
- XType, the leading software company for multi-instance management on the ServiceNow platform, has raised a $21M Series A funding round led by Norwest Venture Partners to accelerate innovation and expand its platform capabilities on the ServiceNow platform. - learn more
- 3Laws Robotics, a robotics company focused on building AI-powered platforms to enhance the safety, security, and operational efficiency of robotic systems, has raised a $4.1M Seed funding round led by TenOneTen Ventures. - learn more
LA Venture Funds
- Regeneration. VC led a $5M Seed funding round for Neutreeno, a deep tech startup spinning out of the University of Cambridge (UK). - learn more
- Watertower Ventures participated in the $8M Series A funding round for DocJuris, a leader in AI-based contract review and negotiation software that automates key tasks to streamline the contract process for enterprise teams and general counsels. - learn more
- Progression Fund participated in a $3.7M Seed funding round for Permanent, a company focused on advancing sustainable agriculture by developing solutions that improve soil health and productivity. - learn more
LA Exits
- Loom, an educational community platform that empowers women by providing comprehensive resources on reproductive health, sexual wellness, and parenting education, has been acquired by women's health brand Perelel, marking a significant expansion in the women's health and wellness sector. - learn more
- AB Technology, an automation engineering company that provides automation machines for food packaging services has been acquired by SureKap. - learn more
Read moreShow less
tech-week
LA Tech Week 2024 kicks off on Monday, October 14, with a packed schedule of events spread across Los Angeles. This opening day offers founders, investors, creatives, and tech enthusiasts endless opportunities to connect, learn, and collaborate. From early morning fitness sessions to afternoon workshops and evening socials, Monday’s diverse programming sets the stage for an impactful week. Below is the schedule organized by location, so you can easily find the events that match your goals and availability.
BEVERLY HILLS
7:00 AM
- Lumos House in LA :See Details Here
Andrew Yeung, Blindspot
8:00 AM
- Scrappy Hour : See Details Here
Scrappy
9:00 AM
- Techwalk : See Details Here
TechWalk, Qapita
12:00 PM
- Founders & Funders Luncheon : See Details Here
VCPE GROUPS, Entrepreneur.VC
2:00 PM
- Future of Farming: AI and Indigenous Collaboration for a Sustainable Food System : See Details Here
Celebration Nation Inc
7:00 PM
- Real Estate Investments & Technology : See Details Here
LightDAO, Mission Matters
CENTURY CITY
6:00 PM
- KOSME-LAVA Demo Day (Invite Only)
Los Angeles Venture Association
CULVER CITY
9:00 AM
- Investing in the Next Creative Wave : See Details Here
Amazon Web Services (AWS)
- Intersections LA - Coworking at LA Tech Week Day 1 : See Details Here
Intersections LA
1:00 PM
- Networking for Underrepresented Founders - Optimize your networking savviness, and have fun along the way : See Details Here
AWS Startups
2:30 PM
- The Culver Cup: GenAI Film Competition : See Details Here
AWS
3:00 PM
- Family Office & Investors Summit : See Details Here
Family Offices Investors Summit, Sandbox, Soulbound, KIKI, Babylon Voice, CryptoHQ Fund
DTLA
7:00 AM
- Tech Runs (Invite Only)
Crosscourt
EL SEGUNDO
6:00 PM
- Tech & the DoD: Do's and don'ts :See Details Here
Stonegardens Advisory, Demand Signal Ventures
HOLLYWOOD
2:00 PM
- Brand Positioning + Content Strategy Workshop (Invite Only)
Alpha Wolves Media
6:00 PM
- VCFamilia Annual Awards Reception :See Details Here
LaFamilia Foundation (VCFamilia), Pivotal Ventures
INGLEWOOD
6:30 PM
- UCLA Anderson Elevating Voices: A Pitch Competition & Networking Opportunity :See Details Here
Westwood
LONG BEACH
11:30 AM
- Long Beach Hardtech: Local Talent Meets CEOs :See Details Here
Starburst Aerospace, Ampaire, Auriga Space, Long Beach Accelerator, Rebel Space, Sunset Ventures, Emerging LA
MALIBU
5:00 PM
- Women Who Raise :See Details Here
Sunstone, Pepperdine University
6:00 PM
- LA Venture Community Dinner :See Details Here
Wilshire Lane Capital
MAR VISTA
3:30 PM
- 3D Animation Happy Hour :See Details Here
Uthana
MARINA DEL REY
3:00 PM
- AI Titans Panel :See Details Here
USC, Information Sciences Institute
MID CITY
10:00 AM
- Womxn's Wellness: Morning Retreat :See Details Here
The Growth Club
PASADENA
1:00 PM
- Space Tour at NASA :See Details Here
Emerging LA, Sunset Ventures
5:00 PM
- LA GenAI Meetup :See Details Here
AI LA
PLAYA DEL REY
8:00 AM
- Cerebral Beach Morning Kickoff :See Details Here
AI LA
SANTA MONICA
7:00 AM
- Pitch and Run LA: Run Club for Startup Community :See Details Here
PitchandRunLA, Global Venture Network
8:00 AM
- Human Health Social Ride :See Details Here
Fortify Ventures
8:30 AM
- Ganas Ventures Coffee :See Details Here
Ganas Ventures
9:00 AM
- LA Tech Breakfast Club :See Details Here
Tech Breakfast Club
- Live a16z Podcast Recording :See Details Here
A16z
10:00 AM
- Beach Walk :See Details Here
Clutch Talent
- Santa Monica Innovation Hub: Technology Street Fair on Ocean Avenue :See Details Here
City of Santa Monica, StartupStarter, Inc., Downtown Santa Monica, Inc. (DTSM)
- Sip & Scale (Invite Only)
AMP Beauty
10:30 AM
- AI Communities - The Future of Insights :See Details Here
Socialtrait Inc
11:00 AM
- The Founder Journey :See Details Here
Mucker Capital, LeadrPro, JP Morgan, K&L Gates
12:00 PM
- Global Venture Network Summit :See Details Here
Global Venture Network, GS1US, The FutureList, FusionAuth
1:00 PM
- Founder Lunch :See Details Here
Cherry Hill Advisory, Crescent
1:30 PM
- Battle of the Engineering Teams :See Details Here
Charlie Financial, Aprime Technology
4:00 PM
- Family Office & LP Happy Hour on the Rooftop :See Details Here
Nathan Family Office
- LA AI Builders Demos & Happy Hour :See Details Here
Artium AI, Freeplay, Silicon Valley Bank
- Lightspeed, SNR Capital, Foley Roundtable :See Details Here
Sidebar Summit, Redwood Collective
4:30 PM
- Scale 10x: Strategies for Exponential Growth :See Details Here
HIRECLOUT
5:00 PM
- Social & Happy Hour :See Details Here
Los Angeles Fun Events
- The Future of Tech: Web3 x AI :See Details Here
Orbis86
6:00 PM
- Building in Space :See Details Here
ImaginingForward
- Consumer AI Founders & Investors Soirée :See Details Here
PowerYou AI
- Female Creators and Investors Dinner :See Details Here
Musa Capital
- Founder Friends :See Details Here
Hustle Fund
- Funders Dinner VCPE :See Details Here
VCPE Groups, Entrepreneur Ventures
- Meta Monday: Fashionverse :See Details Here
Hive
- Official LA Tech Week Kickoff :See Details Here
A16z
- Snark Tank/Money is Funny Tech Pitch Roast Comedy Show :See Details Here
Tech Pitch Roast Comedy LLC
- The Human To Human Experience :See Details Here
Human To Human
7:00 PM
- Verve Dinner :See Details Here
Verve, M13, Stifel, WSGR
- Wisdom Meets Innovation - The Over-40 Founder's Advantage :See Details Here
Frances Mendez, Ryan Edwards
VENICE
7:00 AM
- AM Run & Workout :See Details Here
Bankless Ventures
- Best Morning Ever :See Details Here
Powerful Stuff, Drybaby
8:00 AM
- Startup Banking Breakfast :See Details Here
J.P. Morgan Startup Banking Team - LA
9:00 AM
- Google AI Salon: The Future of Entertainment & Creativity :See Details Here
10:15 AM
- Rise & Empower: Yoga & CPG Startup Showcase :See Details Here
Open Venture Capital, Empowered Yoga Venice, Oya Femtech Apparel, Wellness Growth Ventures
12:00 PM
- High Growth Consumer Brands Fireside Chat :See Details Here
J.P. Morgan Innovation Economy Team - LA
- Innovation Shaping Tomorrow's Investments :See Details Here
Crypto Mondays, Continuum, Female Funders Club
4:00 PM
- Sunset Soirée for Climate Tech Founders & Funders :See Details Here
J.P. Morgan, WICIF, MCJ
6:00 PM
- Product & Design Happy Hour :See Details Here
Product Manager Association of Los Angeles
6:30 PM
- The Future of Entertainment :See Details Here
HITMKR Inc., The Bushido Group, Mission Matters
VIRTUAL
8:30 AM
- Jobseeker Strategy & LinkedIn Profile Tips :See Details Here
Clutch Talent
WESTLAKE VILLAGE
11:00 AM
- Tech Week Recharge at Hub 101 :See Details Here
Hub 101, Steven Dorfman Center for Innovation & Entrepreneurship, California Lutheran University
WESTSIDE
3:00 PM
- CultureHouse :See Details Here
MaC Venture Capital
- Speaker Panel: Leveling the playing field - Removing the barriers to entry for developers :See Details Here
Elemental Computing Inc.
Each session provides unique opportunities to gain insights, network, and explore various fields of tech innovation. For updates or more event information, visit theofficial Tech Week calendar. Enjoy the start of LA Tech Week 2024!Read moreShow less
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