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Take Two Interactive Under SEC Investigation

Posted by Zonk on from the road-to-ruin-indeed dept.

MrPinstripeCom writes "Take Two interactive is now officially under investigation by the SEC. They've agreed to allow regulators to subpoena and investigate their practices with current and former employees as it relates to stock options purchases and disbursements. 'The company was the subject of an informal, non-public, investigation into allegations of back-dating stock option grants last year, while a separate internal investigation by Take-Two also found evidence of improprieties. The scandal ultimately led to the departure of then chairman and CEO Ryan Brant, who was singled out by the SEC investigation and was forced to pay $7.3 million in "disgorgement, interest and penalties" at the New York State Supreme Court.'"

13 comments

  1. I, Jack Thompson... by legallyillegal · · Score: 0, Funny

    ...take full credit for this.

    --
    ?giS
  2. Release and survive? by Presence2 · · Score: 1

    I hope this doesn't prevent the release of GTA4. Selfishly perhaps, but let the company flounder, let Rockstar's bright fire burn itself out if they can't get things under control, let NYC and Thompson litigate them them till implosion, but let us have their legacy complete and released! It will make them immortal regardless.

    1. Re:Release and survive? by Skevin · · Score: 0, Troll

      > I hope this doesn't prevent the release of GTA4

      Not likely, but they will change the meaning of the acronym: Grand Theft Armchair. The game's new "wanted level" will now include the truly heinous crimes in our current society...

      1 star: Making backups of your own software
      2 stars: downloading music off the internet
      3 stars: living next door to someone downloading music off the internet
      4 stars: living next door to someone accused of downloading music off the internet
      5 stars: playing poker online for real money
      6 stars: not having any real money
      There is a rumored 7-star Wanted-level: being the ruler of a third world country that had nothing to do with bombing the World Trade Center, but being a thorn in the side of some prominent world leader's father, who considers your existence an embarrassment to his leadership and therefore publicly blames you for society's ills.

      Why couldn't you just shoot cops and beat up hookers like everyone else?

      Solomon

      --
      "Twice half-assed makes an ass whole." --Solomon K. Chang
  3. "agreed to allow subpoenas"? WTF? by coaxial · · Score: 2, Insightful

    It's a sad day, when you "agree to allow regulators to subpoena" you.

    THAT'S NOT HOW SUBPOENAS WORK!

    You either comply with the subpoena, or guys with guns come and make you comply. There's nothing voluntary about them, that's why they literally mean "under penalty."

  4. Take Two Won't Be Around Much Longer by Anonymous Coward · · Score: 0

    With the negative reaction gamers had to the weak GTA IV trailer the company won't be able to survive if the game has even good and not spectacular sales. Rockstar is going to regret taking the easy way out and downgrading the game to the weaker 360 hardware. The competition this gen for sandbox games is very intense and a truly killer PS3/PC version of GTA would have been a huge hit. Gamers don't want to have their titles gimped just to support an additional platform.

    1. Re:Take Two Won't Be Around Much Longer by Anonymous Coward · · Score: 0

      Like multiplatform games for the PS2?

    2. Re:Take Two Won't Be Around Much Longer by Anonymous Coward · · Score: 0

      Oh yeah well I was raised with Christian values and I would rather play a gimped game that I know my fellow gamers with lamer systems can also enjoy rather than a high-end game that only an elite few can appreciate.

      For did not Jesus say: "whatsoever thou doest to the least of thee, thou doest also to me"? Something like that. It was either that or "Eat a bucket of cocks, fanboy", depending on how you're reading the Aramaic. Plus I heard now they can release different versions of a game for different platforms. What a concept.

    3. Re:Take Two Won't Be Around Much Longer by MeanderingMind · · Score: 1

      Hate to break it to you, but Jesus is on a three day vacation starting today. He isn't saying anything.

      --
      Thunderclone: ONE MAN ENTERS! TWO MEN LEAVE! ONE MAN ENTERS! TWO MEN LEAVE!
  5. Re:"agreed to allow subpoenas"? WTF? by um...+Lucas · · Score: 1

    per the article: The SEC has announced that the company is now formally under investigation. This allows them (the SEC) to issue subpeonas, since it's now an investigation rather than an inquiry.

    It's not the system that's broken this time, it's the wording chosen by the submitter...

  6. Re:"agreed to allow subpoenas"? WTF? by attilaedin · · Score: 1

    I love the idea behind it and as someone who uses a lot of the stuff in Komplete, being able to easily categorize sounds would be a huge benefit. VOB to Zune http://www.vob-converter.com/

  7. Die bitch die!! by Anonymous Coward · · Score: 0

    I hope Take Two just dies. They produce sub-par games and hope they sell purely on the violence rather than on game play, graphics etc.

  8. Re:"agreed to allow subpoenas"? WTF? by coaxial · · Score: 1

    It's not the system that's broken this time, it's the wording chosen by the submitter...

    Exactly. The submitter is an idiot.

  9. Re:"agreed to allow subpoenas"? WTF? by Pokerstars+com · · Score: 1

    Lol yup, breaking down doors and all.