Judge: Lawsuit Against ex-Take2 Execs Can Move Forward

April 1, 2010 -

A lawsuit that alleges ex-executives of Take-Two Interactive Software illegally backdated stock options has been given the go-ahead to continue by a Manhattan federal judge.

Originally brought by Take-Two shareholders, Reuters reports that the suit targets former CEOs Ryan Brant and Kelly Sumner, along with ex-CFOs Larry Muller and James David with securities fraud based on options awarded after July 12, 2001. While U.S. District Judge Laura Taylor Swain did dismiss an undetermined amount of claims because of their age, she ruled that it was inappropriate to dismiss the post-July 2001 claims because it was “far from clear” if they were brought too late.

The process of backdating stock options was described as involving “retroactive grants of stock options as of dates when stock prices are low, making the options more valuable.”

Take-Two already paid $3.0 million to Securities and Exchange a year-ago over similar allegations, in addition to a $300,000 payment made to the office of the Manhattan District Attorney to avoid criminal charges on the matter.


Comments

Re: Judge: Lawsuit Against ex-Take2 Execs Can Move Forward

Eh, I'm not going to defend the execs on this. If they engage in illegal activities, they deserve to be caught and punished.

My only issue is what one or two idiots may say about this "confirming" their beleifs of game industry racketeering, whatever that is.

Re: Judge: Lawsuit Against ex-Take2 Execs Can Move Forward

I just see this as one more reason why nobody is going to buy T2, with the possible exception of EA.  As such, if either they keep EA from buying it, or EA stops trying, the shareholders are pretty much fucked as far as their stock prices are concerned, as there's not going to be any more interest in the company.

I'm not sure, but there may be more legal action coming to T2 in relation to this, seeing as how there was so much intentionally done by T2 execs to keep EA from buying it.

---

You KILL Vampires. You don't DATE them.

--- With the first link, the chain is forged.

Re: Judge: Lawsuit Against ex-Take2 Execs Can Move Forward

"...in addition to a $300,000 payment made to the office of the Manhattan District Attorney to avoid criminal charges on the matter."

Is it just me or is this a legalized bribe?

===============

Chris Kimberley

===============

Chris Kimberley

Re: Judge: Lawsuit Against ex-Take2 Execs Can Move Forward

Its more of a fine or an out of court settlement. They can pay the low fine now or go to court over it and possible pay more or go to jail.

E. Zachary Knight
Oklahoma City Chapter of the ECA
http://www.theeca.com/chapters_oklahoma

 
Forgot your password?
Username :
Password :

Shout box

You're not permitted to post shouts.
Craig R.Ok, my internal debate was short-lived. If Win10 is still a year out, I'm not waiting that long for an SSD, so on Win7 I will remain.09/30/2014 - 7:52pm
Matthew Wilsonits called windows 10, and I am happy to get the start menu back.09/30/2014 - 7:18pm
Jessy HartIs this stuff about Windows 10 legit? Is it actually called Windows 10 or is it just some stupid joke?09/30/2014 - 6:57pm
ZippyDSMleeSo I been trying to play Bioshock Infinite I got all the DLC,ect but do not want the extras to make your charatcer over powered from the start.....they force you to take them which is quite annoying......09/30/2014 - 6:45pm
Craig R.I need to upgrade to an SSD, still seriously debating moving to Win8.1 from 7 at the same time09/30/2014 - 6:07pm
Craig R.Win10 is probably Win8.1 with more cleanup and the Start button back.09/30/2014 - 6:06pm
Sora-ChanAhh, it's just weird seeing someone's post all of a sudden have replies from days prior before it was posted due to that.09/30/2014 - 5:49pm
MechaTama31sora: I broke the ordering intentionally, as AE's and my conversation had squeezed the text boxes down to be quite slim. I replied to an earlier post of his instead of the one I was actually replying to.09/30/2014 - 5:46pm
MechaTama31So, 9 would have been the good one, but they are skipping it to do two crap ones in a row?09/30/2014 - 5:41pm
Sora-ChanSo, judging from the poll post for #gamergate, it looks like too many thread replies breaks the ordering of posts, as seen with the recent post from Infophile.09/30/2014 - 5:31pm
Andrew EisenOr no! It wasn't Y3K compliant. Microsoft thought it best to super future proof its OS and skipped straight to 10 which is Y3K compliant!09/30/2014 - 5:01pm
Andrew EisenJust tell them it wasn't Y2K compliant.09/30/2014 - 5:00pm
Craig R.Looking forward to having to explain to coworkers down the road what ever happened to 9 *sigh*09/30/2014 - 4:57pm
Craig R.2k was crap. XP was solid, 7 is good, 8.1 is actually really good once you make it look like 7 :)09/30/2014 - 4:52pm
Sora-Chan@MP As someone who has used each version of windows since 3.1... I prefer Vista over 7 for various reasons. The only thing I give 7 over Vista is preformance. They really screwed up a bunch of things when making 7. Also, XP was a pain. 2k was better.09/30/2014 - 4:13pm
Jessy Hart@E. Zachary Knight Is that show called Pac-Man and the Ghostly Adventures?09/30/2014 - 3:34pm
IanCWin 8 isn't bad, it just can't decide whether to be a desktop OS or a tablet OS.09/30/2014 - 2:40pm
IanCI think its a way of getting round giving it free to Win 8 users...09/30/2014 - 2:39pm
MaskedPixelanteWindows alternates between bad and good versions. XP was good, Vista sucked, 7 was good, 8 sucked, therefore 10 will suck, QED.09/30/2014 - 2:18pm
E. Zachary KnightPerhaps they are calling it "10" because on a scale of 1-10 of how awesome it is, it is a clear 10.09/30/2014 - 2:06pm
 

Be Heard - Contact Your Politician