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Ubisoft‘s crisis continues to grow, with the French company facing a series of bad news. This includes disappointing launches like Star Wars Outlaws and a more than 50% drop in sales. Assassin’s Creed Shadows has become an important title for the company, as its commercial performance may determine the need for significant changes or even a potential sale. The situation worsens as an investor now accuses the company of hiding crucial information about its future: Microsoft, EA, and other companies may be interested in purchasing Ubisoft’s IPs.

According to statements seen by IGN, Juraj Krúpa, CEO of AJ Investments, believes Ubisoft is being “horribly mismanaged” by its current leaders and wants a “clear roadmap for recovery” to address “declining shareholder value, lackluster operational execution, and failure to adapt effectively to market trends.”

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Ubisoft Didn’t Inform Investors About Its Talks

Krúpa claims that Ubisoft has not been transparent with its shareholders, particularly in matters like the collaboration with Savvy Group, a Saudi Arabian investment firm, to produce an Assassin’s Creed Mirage DLC. To make matters worse, the CEO also pointed to a report from MergerMarket, an investment platform, which suggests that Microsoft, EA, and others have been in talks to acquire Ubisoft’s IPs—a detail that Ubisoft has not disclosed to its investors.

IGN reached out to Ubisoft for more information about these negotiations, but the company reiterated that it is still evaluating its options. They said:

As we mentioned during our Q3 sales, the review of various transformational strategic and capitalistic options is ongoing. The Board has established an ad-hoc independent Committee to oversee this formal and competitive process, so as to extract the best value from Ubisoft’s assets and franchises for all stakeholders. Ubisoft will inform the market in accordance with applicable regulations if and once a transaction materialises.

This is not the first time Ubisoft has faced discussions about selling its IPs. While talks have included companies like Tencent and the already mentioned Savvy Group, the company has been looking into ways to extract more value from its assets, which may include selling its intellectual property to other companies. However, as stated by Ubisoft, no official decision has been made.

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Ubisoft Investors Prepare for a Protest

Ubisoft’s situation has been worsening for months, and the decisions around the upcoming Assassin’s Creed Shadows haven’t helped ease tensions among shareholders. The CEO of AJ Investments reminded everyone that the game has been delayed three times and, although it’s set for release on March 20, these delays have had a major impact.

These delays and revised guidances caused severe stock declines, which harmed mostly retail investors that have limited resources to manage their positions accordingly. This action benefited mainly corporate and institutional investors who were on the buy side for distressed prices such as Credit Agricole, Goldman Sachs clients, Morgan Stanley, and others.

As a result, AJ Investments is calling on all Ubisoft shareholders to join a protest in May, demanding “decisive action” from the company. The protest will be canceled if Ubisoft can find a strategic option for its future that truly increases the value of the company for investors.

“All shareholders/investors of Ubisoft deserve a company that maximizes value and operates with transparency and accountability,” says Krúpa. “Ubisoft has continued to underperform compared to its industry peers, and it is time for the company to listen to its shareholders. This demonstration will be a powerful statement from investors who believe in the company’s potential but demand urgent change.”

Should Ubisoft’s proposed solutions not convince, AJ Investments is prepared to “sue the company for misleading investors.”

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