Wolfire Games' argument centers on Valve's revenue split and the ubiquitous nature of the Steam marketplace.
This is the second time Riot has sued Moonton for alleged infringement of the League Of Legends IP.
Shareholder groups are demanding records of the company's deal with Microsoft in an effort to gauge the fairness of the valuation.
"We believe the proposal is neither necessary nor in the best interests of our Company or our shareholders," the board said.
The Destiny 2 studio can still refile an amended complaint to bring further action against the site.
Nothing has been confirmed, but the filing adds to the larger conversation about organization in the games industry.
After filing in 2020 for unpaid royalties, Microsoft has settled with the Halo composers.
Two top lawyers are no longer involved in the case.
The Destiny 2 developer is seeking information on the party responsible for filing reports of copyright infringement.