Grand Theft Auto Publisher Coughs Up $3.3M to Settle Old Cases

April 2, 2009 -

Aside from the often controversial nature of its best-selling Grand Theft Auto series, Take-Two Interactive has spruced up its corporate image significantly since Strauss Zelnick and his crew seized control in 2007.

Despite that, some legal baggage lingered from the reigns of past CEOs Ryan Brant and Paul Eibeler.

The New York Times reports that T2 has settled those cases with the Securities and Exchange Commission and the Manhattan District Attorney's Office, respectively.

The GTA publisher paid $3M to the SEC in an an investigation of backdated stock options. In 2007 Brant pleaded guilty to criminal charges in the case. SEC attorney Christopher Conte commented on the charges in a statement:

Take-Two’s seven-year backdating scheme was egregious and pervasive, and caused the company to materially misrepresent its financial condition to investors.

The company also paid the $300,000 cost of the Manhattan  D.A.'s investigation into related matters. A Take-Two press release contains a statement from Zelnick:

We are pleased to have reached a settlement with both the SEC and District Attorney with respect to the Company's historical stock option granting practices. Resolving this issue has been a key objective for Take-Two since the current management team took office in early 2007, and we are gratified to have put this matter behind us.

 


 
Forgot your password?
Username :
Password :

Shout box

You're not permitted to post shouts.
PHX Corphttps://www.kickstarter.com/projects/iga/bloodstained-ritual-of-the-night/description apparently Bloodstained: ritual of the night will have a Wii U version(through Armature Games)05/26/2015 - 9:02pm
WonderkarpSo I found out I'm Invincible Today. I drove through a Tornado and didnt even know it. was windy and torrential downpour but I drove through like a boss. 05/26/2015 - 7:35pm
ZenEnded up giving the code to Andrew so he gets to be the other guinea pig lol.05/26/2015 - 6:53pm
ZenSo...who wants to help with an experiment and get a free game for 3DS and possibly Wii U lol? Gave a friend the Wii u OlliOlli code from the Humble Bundle and it gave him the 3DS one too. Still have a 3DS code which may give a Wii U version too.05/26/2015 - 4:35pm
Zenjust wish they had been as open about development as they were with X1 and PS4. All we got were interviews saying everything was great and then this lol.05/26/2015 - 4:14pm
ZenYeah, he brought it up again as time went on and stated it was not to be taken seriously. And I am in NO way defending people who are acting like...well....the not so nice way to say "butts". And I don't personally think they haven't worked on the game, I05/26/2015 - 4:12pm
Andrew EisenSo I can see why Bell would be ultra defensive and snippety. But, again, still not an advisable thing to say.05/26/2015 - 3:57pm
Andrew Eisennot to mention horrifically insulting.05/26/2015 - 3:56pm
Andrew EisenAgreed, even out of frustration, not an advisable thing to post. As for the rest, sounds like it thought its tweeks and optimizations would work. The idea that it was stringing everyone along and not actually working on it is nearly nonsensical...05/26/2015 - 3:55pm
Zenand looking great...yet refused to even show a single screen shot while touting their open development on X1 and PS4. People are now asking if they even worked on the game or if it was dropped in the beginning & they were keeping up appearances instead.05/26/2015 - 3:53pm
ZenI understand that, but making a blanket statement to cover an entire market like that will do nothing more than push consumers away or alienate a group. Other issues stem from the interviews and public announcements they made stating the game is running05/26/2015 - 3:52pm
Andrew EisenNot an advisable thing to post, I'll grant you.05/26/2015 - 3:47pm
Andrew EisenReading the thread, it looks like he's just getting frustrated with the obnoxious and unreasonable members of the board (most of whom signed up that day).05/26/2015 - 3:47pm
ZenNintendo users in general by stating "Yup, and if you need to pass this on, we really dislike Nintendo users." on their forum. Sincere or not, it's annoyed some fans & put doubt on the company even trying.05/26/2015 - 3:35pm
ZenThey pushed that even just a few months ago it was running great, with effects, but they just needed a few tweeks before release. I posted about this last night, but it has since cycled thru. Ian Bell also had some fairly disparaging things to say about05/26/2015 - 3:34pm
Matthew Wilson@AE @iamc they admired they cant do wiiu, and they have a valid reason for it. the wiiu is too weak.05/26/2015 - 3:24pm
Andrew EisenLied about what?05/26/2015 - 3:11pm
IanCThey outright lied, they kept pushing that it was coming out on Wii U right to they got a publisher, then went quiet. Funny that...05/26/2015 - 3:09pm
Matthew Wilsonhttp://www.vg247.com/2015/05/26/project-cars-struggling-to-hit-720p30fps-on-wii-u/ I love that he is honest. they admited that they are at their wits end with the wiius hardware.05/26/2015 - 1:48pm
E. Zachary KnightHumbleSupport has said the codes don't expire. So That is pretty tempting.05/26/2015 - 1:38pm
 

Be Heard - Contact Your Politician