EA's Bid to Buy T2 Figures in Wall Street Insider Trading Charges

December 18, 2008 -

According to the Dow-Jones Newswire, federal investigators charged four men with today insider stock trading. One of the transactions named in the indictments was EA's bid to acquire T2 earlier this year.

No one from either Take-Two Interactive or Electronic Arts has been charged and there is no indication that the publishers had any inkling of the illegal stock trades. If government regulators are correct, however, information leaks from the Brunswick Group, a P.R. firm working on behalf of Take-Two, contributed to the crime. From the Dow-Jones report:

Four people were charged criminally Thursday in an insider trading scheme involving information about mergers or stock buybacks obtained from a Lehman Brothers Holdings Inc. broker's wife who worked at communications firm Brunswick Group LLC...

 

According to court documents, they were among a group of clients and friends tipped by Matthew C. Devlin, a Lehman Brothers broker, about 12 planned deals before their public announcements between 2005 and 2008...

 

Devlin allegedly obtained the information from his wife, who worked at communications firm Brunswick Group, according to court filings. The deals included... Electronic Arts Inc.'s (ERTS) hostile bid earlier this year for Take-Two Interactive Software Inc. (TTWO)...

 

Devlin has been charged criminally and in the SEC case... [other defendants]... referred to Devlin or his wife as the "golden goose," according to court documents.

The Guardian reports that there is no suggestion that Devlin's wife, Nina, a partner at Brunswick, knew of her husband's alleged stock market manipulations.

Comments

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

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Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

I like your amended version just as well, EZK  ;)

Sortableturnip's Law: As an online discussion of video game violence grows longer, the probability of a comparison involving Jack Thompson approaches 1

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

FULL OF WIN.

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"Game on, brothers and sisters." -Leet Gamer Jargon

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"A Chrono Trigger is anything that unleashes its will or desire to change history!" -Gaspar

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

Uh-oh, Shadow. You posted a humorous picture to relate to the matter at hand. Devirous might come and insult people.

What EVER shall we do???

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

Pretend he does not exist? :)

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

Excellent option. Have a cookie.

------------------------------------------------------------------------------

"Game on, brothers and sisters." -Leet Gamer Jargon

-----------------------------



"A Chrono Trigger is anything that unleashes its will or desire to change history!" -Gaspar

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

mmmm cookie! nom nom nom nom nom

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

Keep dreaming, sparky

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

By the way, the frozen turkey in the recent Mythbusters "Best of" show is the head of former T2 Chairman Paul Eibler.  Somebody finally found a use for Paul Eibler.

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

Next time you have a thought, just let it go.

ANd hey, I hear Buster needs a stand-in, sign up, now.

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

 When shall they find a use for you?

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

Wow, more SEC problems related to Take-Two.  What a freaking surprise.

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

How much money will EA lose because of this?

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

Probably none.

While it was EA's stock information that was being leaked, neither EA nor T2 had anything to do with the insider trading.  This is purely a case of a middle man taking advantage of some knowledge that they were not supposed to.

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

Not a lot really. TTWO's market  cap is only about 700 million while EA sits on a hefty 5 billion.

If you think about it, the Bioware and Pandemic buyout was actually more than the market value of TTWO, sitting at 860 million, so TTWO is actually a steal for anyone looking to buy it.

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

so TTWO is actually a steal for anyone looking to buy it.

Assuming that they're willing to be bought. If they aren't, then the price fast approaches unreasonable as EA found out.

-Gray17

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

Well you can just buy up all the stocks if you wanted to (51%) for only about 350 million and do a corperate takeover, but EA does't want that to happen since (by experience) they probebly know that it will make everyone there unhappy and leave.

Re: EA's Bid to Buy T2 Figures in Wall Street Insider Trading

You can't take the current stock price and multiply by the number of shares needed. Trying to buy up that much will trigger a price increase.

 

 
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Matthew Wilsonhttp://arstechnica.com/tech-policy/2014/12/republicans-may-have-plan-to-save-internet-providers-from-utility-rules/ this is intreasting. congress may put net nutrality in to law to avoid title 2 classification12/19/2014 - 2:45pm
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InfophileEZK: Certainly better that way, though not foolproof. Makes me think though: does it count as piracy if you download a game you already paid for, just not from the place you paid for it at? Ethically, I'd say no, but legally, probably yes.12/19/2014 - 11:20am
ZippyDSMleeAnd I still spent 200$ in the last month on steam/GOG stuff sales get me nearly every time ><12/19/2014 - 10:55am
ZippyDSMleeMaskedPixelante:And this is why I'm a one legged bandit.12/19/2014 - 10:51am
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MaskedPixelantehttp://www.joystiq.com/2014/12/19/marvel-vs-capcom-origins-leaving-online-storefronts-soon/ Speaking of "last chance to buy", Marvel vs. Capcom Origins is getting delisted from all major storefronts. Behold the wonders of the all digital future.12/19/2014 - 9:59am
MaskedPixelanteSeriously, the so-called "Last Chance" sale was up to 80% off, while this one time only return sale goes for a flat 85% off with a 90% off upgrade if you buy the whole catalogue.12/19/2014 - 9:37am
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InfophileRe PHX's link: This is one of the reasons the digital revolution isn't all it's cracked up to be. There's also the flip side where Sony can block access to games you've bought if they ban your account for unrelated reasons. All power is theirs.12/19/2014 - 8:52am
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