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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Matthew WilsonThis is a interesting long form article about xbox live since halo 2. http://www.polygon.com/a/the-second-generation-of-xbox-live/page-102/26/2015 - 6:01pm
ConsterJust take pride in joining the group of net neutrality nations, even if it's only temporarily.02/26/2015 - 1:24pm
Matthew Wilsonfcc passed net neutrality. now lets hope they dont screw up the details. ps I am not holding my breath on that one.02/26/2015 - 1:03pm
ZippyDSMleeIf I could stand blizz I would do what I do in Facebook and use zippy, they can screw off if they do not like it.02/26/2015 - 9:31am
Michael ChandraAh. Now THIS is a good reason to not want to enable RealID: Anyone with your email can try adding you as a friend, leading to complications if they find out you're using it but declining their request.02/26/2015 - 5:15am
Michael Chandra(Also, why the hell would you not announce this?? Now people think they got a bug.)02/26/2015 - 5:11am
Michael ChandraThe only argument against the second that I've read so far is 'I'm afraid I'd accidentally RealID instead of BattleTag someone'. How secure are the RealID databases anyway?02/26/2015 - 5:10am
Michael ChandraIt's a silly argument detracting from the two main issues: Is this safe (so RealID only enabled but not given out through twitter in any way) and is it problematic to force people to 'use' RealID without actually sharing it with others?02/26/2015 - 5:10am
Michael ChandraGot to love how people immediately bring up 'yeah I don't see a problem with using my real name, it's not as if people can find me with it'. Maybe not you, but that doesn't mean others cannot be found.02/26/2015 - 5:08am
Michael ChandraSo apparently it's because they wanted to tie it to Parental Controls and didn't want to make a separate parental control for it due to that taking effort.02/26/2015 - 5:03am
ZippyDSMleeWhy do they have billing account name and user name confused? Never understood that....02/26/2015 - 3:29am
Matthew Wilsonhttp://www.bloomberg.com/news/articles/2015-02-25/google-s-computers-learn-to-play-video-games-by-themselves that is fairly impressive.02/25/2015 - 9:21pm
MechaCrashA universal ID among all of your characters across all games is a good idea. Making it use your real name instead of a screen name of your choosing is a horrible idea.02/25/2015 - 5:45pm
Michael ChandraThey also said posting on the forums was optional. To be honest, I really do NOT get why you'd introduce a new feature, brag about it and then secretly put a lock on it.02/25/2015 - 4:52pm
InfophileTwitter integration is a lot more optional than the forums (which was the last place they tried to enforce real names). So I don't see the backlash being as strong this time, especially since they aren't adding the requirement to an existing service02/25/2015 - 12:59pm
Michael ChandraIn the Real ID info, it's an optional thing for friends. Enforcing its usage for tweeting seems rather unnecessary.02/25/2015 - 12:14pm
ZippyDSMleenothing like a a few crashes inbetween moveing 400gb of data....02/25/2015 - 12:09pm
Michael ChandraOkay, so Blizzard's memory officially only goes back four years, as they cannot remember the backlash last time they tried forcing people to use their real names.02/25/2015 - 12:09pm
IvresseOnly context I can provide at the moment is the response from Blizz customer service: https://twitter.com/BlizzardCSEU_EN/status/57060293549676544402/25/2015 - 11:31am
PHX Corp@Craig R. I'm still testing Windows 10 Technical Preview as a consumer in advance of the final build02/25/2015 - 11:30am
 

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