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.

 


 
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Andrew EisenConster - Sure, give me a few minutes.03/26/2015 - 3:05pm
Consterhttp://sanfrancisco.cbslocal.com/2015/03/26/salesforce-ceo-says-company-is-cancelling-all-programs-in-indiana-over-lgbt-discrimination-fears/ http://edition.cnn.com/2015/03/25/politics/mike-pence-religious-freedom-bill-gay-rights/index.html03/26/2015 - 2:55pm
ConsterApparently Salesforce and the NCAA are also upset over SB 101. I know they're not video-games related, but maybe add a line to the article?03/26/2015 - 2:54pm
Andrew EisenThat said, I doubt that if the movie gets made, it will be similar to either version of the show. But, Star Wars movies will be out again and the designs are still pretty awesome so it's got a chance.03/26/2015 - 2:34pm
Andrew EisenPeople my age and older with disposable income and a fondness for nostalgia.03/26/2015 - 2:32pm
Matthew Wilson@AE I am kinda surprised sony would want to make a movie of something that is 30 years old. I woulder how many people remember robotech?03/26/2015 - 2:24pm
Andrew EisenProbably not but my wish is that Hollywood make good anime movies.03/26/2015 - 2:20pm
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Andrew EisenAnd for those of you keeping track, Indiana's SB 101 was signed into law this morning by Gov. Pence.03/26/2015 - 10:58am
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MechaTama3190s. SNES. 'Nuff said.03/26/2015 - 7:45am
james_fudgeIanC: er what?03/26/2015 - 6:20am
IvresseIanC - Context required please...03/26/2015 - 4:15am
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ZippyDSMlee^^ This was before I tried to get into surround… at least the bass is good on the Z506….03/25/2015 - 11:06pm
 

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