A law firm that appears to specialise in suing publicly traded companies suffering publicly embarrassing problems has turned its attention to Electronic Arts, specifically over Battlefield 4.
The “investigation” that Atlanta firm Holzer Holzer & Fistel has begun concerns whether EA “complied with federal securities laws” when the company was making statements about Battlefield 4 during its development and after its release. It’s not a lawsuit, but sure sounds like the threat of one. It could also be PR for a firm dedicated to this kind of work.
Battlefield 4 has had several problems since its launch, of course, from laggy netcode plaguing online play to repeated crashes on all platforms. Several patches have been pushed out, with many more fixes and solutions in the works, but the bug-swatting operation is large and conspicuous enough that Electronic Arts said it would not build any new expansions or DLC for Battlefield 4 until it solved these problems.
That statement, to Kotaku, was dated December 4; the law firm said it’s looking into statements made between July 24 and December 4. It didn’t say what specifically was problematic about EA’s statements.
The firm touts its focus on shareholder representation, and in the past six weeks has opened three other investigations, including one on Monday into Barnes & Noble, whose stock price dropped after the SEC announced it was investigating improper accounting practices there.
Electronic Arts’ stock price has dropped about $US4 since November 12, and lost $US2 the day after its December 4 remarks on postponed DLC plans. It still is more than $US5 higher than where it was at this time last year, and in September reached a five-year high.
Reached by Kotaku, Electronic Arts declined to comment on the firm’s activity.
Holzer Holzer & Fistel, LLC Announces Investigation into Electronic Arts, Inc. [News release via Wall Street Journal]