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Communications Services Shares Move Lower -- Communications Services Roundup

09/20/2021 | 05:46pm EDT

Communications-services companies were lower amid market declines that snapped an extended stretch of calm for major indexes.

Federal securities regulators have launched a wide-ranging investigation into Activision Blizzard, including how the videogame-publishing giant handled employees' allegations of sexual misconduct and workplace discrimination, according to people familiar with the investigation and documents viewed by The Wall Street Journal.

The Securities and Exchange Commission has subpoenaed Activision, known for its Call of Duty, World of Warcraft and Candy Crush franchises, and several of its senior executives, including longtime Chief Executive Bobby Kotick, according to the people and documents.

Meanwhile, Twitter said it agreed to pay more than $800 million to settle a consolidated class-action securities lawsuit alleging the social-media company deliberately misled investors about user engagement in 2015.

In the latest move to curb screen time for younger Chinese users, ByteDance, the maker of the hit short-video mobile app TikTok, said that it would restrict access to Douyin, the Chinese version of the app, to 40 minutes a day for users under 14 years old.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

09-20-21 1744ET

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