Some of Activision Blizzard investors started the investigation under suspicions that company allegedly participated in financial frauds with securities. News about the investigation become public right after Bungie decided to end the eight-year-long partnership with Activision Blizzard and take all the rights for Destiny.
This being said, the public is raising suspicion that the investigation is about Activision not announcing the termination of the agreement in advance. After publishing the news about ending the contract with Bungie, Activision's shares collapsed by around 10%, but then the price stabilized.
According to DailyTech, possible suspicions of the investors can be related to the information that someone from the management of Activision sold their shares just before the news of Bungie ending the contract. If that was the case, it means that Activision used non-public information for the purpose of extracting benefits, which is against the law.
It is yet to be seen what will be the outcome of this investigation, but it is certain that Activision Blizzard is going through a really rough time. Apart from the investigation, the company's CFO Amrita Ahuja and co-founder Michael Morhaime announced that they will be leaving the company, and their recently fired Chief Financial Officer started working at Netflix.