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.

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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?

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Chris Kimberley

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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

 
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Should ‘sexism’ factor into a video game’s rating?:

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Andrew EisenNo but it is defaulting to a very low volume. Not muted though.11/20/2014 - 10:14pm
MaskedPixelanteIs anyone else experiencing this weird Youtube glitch where, no matter what you had the volume set at last time, it defaults to muted no matter what?11/20/2014 - 10:07pm
MechaTama31What was wrong with Remember Me? I liked that one... >.>11/20/2014 - 8:50pm
AvalongodI tend to see the violence and sexism issues as different. Historically we know that the violence issue is overblown. But sexism is real. Better representations of women in games WILL happen.11/20/2014 - 7:35pm
Andrew EisenAnd unless I completely missed it, there's nothing in there about "how Pokemon in general is sexist but you gotta look deep for it."11/20/2014 - 5:10pm
Andrew EisenSeriously, you're upset, irked and fearful over an opinion piece that suggests the Pokemon demo would be better with more options and a better-written female character? SERIOUSLY?!11/20/2014 - 5:07pm
MaskedPixelantehttp://gamasutra.com/blogs/PugetAlain/20141118/230420/Nearly_Ripped_off_to_death_by_a_publisher__Get_better_by_yourself_and_wait_for_justice_Maybe.php Topware screws over an indie studio because they can.11/20/2014 - 5:01pm
Andrew EisenAre you SURE you provided the right link?11/20/2014 - 4:59pm
prh99And yeah that sucks, especially when bonuses are tied to it, but that is more a problem with crappy publisher policies and scoring in general than any discussion on what may or may no be sexism in games.11/20/2014 - 4:59pm
prh99But no one is on their legislative high horse or on the litigation war path, for that matter. The biggest effect is that a reviewer might give it a lower score and drag down their meta critic ranking.11/20/2014 - 4:56pm
Wonderkarpyup11/20/2014 - 4:51pm
Andrew EisenOh for crying out loud. Wonderkarp, I apologize for how rude this question is but seriously, did you actually read that article?11/20/2014 - 4:47pm
Wonderkarpits a stigma. people in power hear this crap and start getting on their legislative high horse. but I feel like we've already paid too much attention too a demo.11/20/2014 - 4:46pm
Andrew EisenHarm gaming how?11/20/2014 - 4:35pm
Wonderkarpcause it gets parroted around and is used by people to harm gaming like Jack Thompsons did with Violence. http://www.themarysue.com/pokemon-oras-sexism/ here's the article.11/20/2014 - 4:28pm
Andrew EisenNo idea why such an opinion would upset or irk you so I'd be interested in reading it. Got a link?11/20/2014 - 4:13pm
Wonderkarplook deep for it....reaching much. those kinds of people are what urk me.11/20/2014 - 4:07pm
WonderkarpI got upset the other day when a known feminist blog wrote a large article on how the demo to Pokemon Omega Ruby was Sexist cause you couldnt play as a girl. It was a Demo....who cares? but they went off on how Pokemon in general is sexist but you gotta11/20/2014 - 4:06pm
Andrew EisenHere's the panel that Sarkeesian quote from earlier comes from. Amazing what the proper context does, isn't it? https://www.youtube.com/watch?v=e0qxtKz2vZw11/20/2014 - 3:32pm
NeenekoSomething to keep in mind, we tend to look at physics as 'hard', but math and physics are trivial compared to soc/psych (I have worked in both), but FEELS like it should be simplier.11/20/2014 - 3:17pm
 

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