A minority shareholder in Ubisoft, represented by AJ Investments and its CEO Juraj Krúpa, is organizing a protest outside the company's Paris headquarters. The protest stems from accusations that Ubisoft has not been transparent about its strategic discussions, including potential acquisitions of its franchises by Microsoft, EA, and other publishers. Krúpa criticizes Ubisoft's management for what he describes as "horrible mismanagement," demanding a clear recovery plan to address declining shareholder value, poor operational performance, and a failure to adapt to market trends.

In a statement, Krúpa accused Ubisoft of hiding information, such as a partnership for an Assassin's Creed Mirage DLC with the Saudi investment firm Savvy Group. He also referenced a restricted article from MergerMarket that reported on discussions about acquiring Ubisoft's IPs, which he claims were not disclosed to the public.

Ubisoft has faced challenges, including high-profile game flops, layoffs, studio closures, and numerous delays. In October, Bloomberg reported that the Guillemot family and shareholder Tencent were exploring taking the company private, though these discussions were exploratory at the time. Recent rumors suggest that Tencent might be hesitant to proceed due to the Guillemots' desire to retain significant control.

Krúpa highlighted the repeated delays of Assassin’s Creed Shadows, originally slated for July 18, 2024, then moved to November 15, 2024, and finally to March 20, 2025. These delays, according to Krúpa, led to severe stock declines that primarily affected retail investors, while benefiting corporate and institutional investors.

AJ Investments is calling on all frustrated shareholders to join the protest in May, emphasizing the need for Ubisoft to increase shareholder value and operate with transparency and accountability. Krúpa mentioned that Ubisoft's management, advised by Goldman Sachs and JP Morgan, is conducting a financial review of strategic options, and the protest is intended to push for results that genuinely enhance shareholder value.

If Ubisoft's review yields positive results, AJ Investments may cancel the demonstration. However, they have threatened legal action against Ubisoft for misleading investors. This protest follows previous actions by AJ Investments, including an open letter to Ubisoft's board in September, urging a change in leadership and consideration of a sale after the disappointing launch of Star Wars Outlaws led to a significant drop in the company's share price.

IGN has reached out to Ubisoft for comment on these developments.