Take-Two Faces $20 Million Settlement For "Hot Coffee" Scandal

eldavojohn writes "Take-Two has settled with shareholders to the tune of $20 million dollars over the 'Hot Coffee' debacle. Ars brings the details on how a badly-handled situation resulted in shareholders suing Take-Two. '[The scandal] led to a media panic because it was assumed the sexual content was easy for children to get to (it wasn't) or that sex themes were becoming common in games (they aren't). Still, the lawsuit shows how badly the company bungled the situation, and it's easy to see how Take-Two's management directly caused shareholders to lose money. ... The suit alleged far more than a single misstep with Hot Coffee, however. "Take-Two's management was not cooperating or assisting with the Company's audit committee and was failing to keep the Board of Directors informed of important issues or failing to do so in a timely fashion," the complaint stated. Inventory was misstated, as was software development costs."

Comments

Re:That's what you get

[ByOhTek]

Its funny that you shoot people, hijack cars, drive over people and do all kinds of illegal things but when theres normal activities like sex that all people do, everyone goes "oh my god things like that shouldn't be allowed!" and bring in the lawsuits.

OK, you typed that on slashdot. Please tell me you didn't have a straight face while doing so...