More Trouble For Take-Two
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July 10th, 2006
Take-Two, publishers of GTA: San Andreas, have a lot on their minds at the moment with the never-ending Hot Coffee scandal. To make matters worse for the publisher, the SEC (Securities and Exchange Commission) have commenced an investigation of the company regarding the stock option grants from 1997 to present day. Take-Two have stated that they will fully co-operate with the SEC in this non-public investigation.
Take-Two is not the only company under investigation though. Associated Press reports that several companies are under the same type of investigation;
“Many companies are alleged to have backdated stock option grants to time them at share price lows, thus boosting gains on the sale of the stock.”
Take-Tow is currently facing lawsuits over the Hot Coffee incident; there is an ongoing FTC investigation about irregular accounting and a Grand Jury subpoena. Tough times, indeed.
Read (GameIndustry.biz)
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