A minority shareholder in Ubisoft, led by Juraj Krúpa, CEO of AJ Investments, is organizing a protest outside the company's Paris headquarters. Krúpa accuses Ubisoft of mismanagement and a lack of transparency, particularly regarding alleged discussions with Microsoft, EA, and other publishers interested in acquiring its franchises. He claims that Ubisoft has failed to disclose crucial information, including a partnership with the Saudi investment firm Savvy Group for an Assassin's Creed Mirage DLC and potential deals with other companies.
In his statement to IGN, Krúpa criticized Ubisoft's senior management for not providing a clear recovery plan to address the company's declining shareholder value, operational shortcomings, and inability to adapt to market trends. He highlighted Ubisoft's repeated delays of Assassin’s Creed Shadows, initially set for July 18, 2024, then postponed to November 15, 2024, and finally to March 20, 2025. These delays, according to Krúpa, led to significant stock declines, negatively impacting retail investors while benefiting larger institutional investors.
Krúpa also referenced a restricted article from MergerMarket that reported discussions between Ubisoft and other companies interested in acquiring its IPs, which he claims were not disclosed to the public. He pointed out that Ubisoft's management, advised by Goldman Sachs and JP Morgan, is conducting a financial review of potential strategic options, expected to yield results in the coming months.
AJ Investments is calling on all frustrated Ubisoft investors to join the protest in May, demanding more transparency and accountability from the company. Krúpa stated that if the financial review leads to a significant increase in shareholder value, the demonstration would be called off. However, AJ Investments is also prepared to sue Ubisoft for misleading investors if necessary.
This isn't the first time AJ Investments has voiced its concerns. In September, following the disappointing release of Star Wars Outlaws and a subsequent drop in Ubisoft's share price, AJ Investments issued an open letter to Ubisoft’s board and major shareholder Tencent, urging a change in leadership and consideration of going private.
For several years, Ubisoft has faced challenges with high-profile flops, layoffs, studio closures, and numerous game delays, contributing to a downward spiral. Rumors continue about potential strategic moves, with some suggesting Tencent's reluctance to fully embrace Ubisoft due to the Guillemot family's desire to retain control. Without Tencent's support, few companies have the resources to potentially rescue Ubisoft from its current state.
Ubisoft has been approached for comment by IGN.
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