Clearly the situation is very different. Activision is much much bigger than Atari was. 4 of the top developers leaving wouldn't cause the company to implode.
The more I learn about game dev the less I think this is true. The number of programmers that can work on bleeding edge game engine tech is incredibly low and the learning curve has only gotten more severe over time.
I mean, I'm sure they wouldn't implode, but I bet they pay their core engine devs a more than decent wage.
A top developer leaving also functions as a signal to others in the company.
I once left a company quickly after a senior leader had left. That proved to be a good move since the company was going under and sold a few months after.