Take-Two Interactive to Pay 3 Million Bucks
April 2, 2009 by Amy Tucker
Filed under Gaming
Take-Two Interactive Software [Grand Theft Auto guys] has to pay up and pay up big.
And when I say “big” I mean $3 million dollars big so that they can settle a stock dispute with the Securities and Exchange Commission over some dirty stock dealings.
Christopher Conte, an S.E.C. attorney in Washington overseeing the case said, “Take-Two’s seven-year backdating scheme was egregious and pervasive, and caused the company to materially misrepresent its financial condition to investors.”
This came from Wikipedia [the knower of all knows]:
Options backdating is the practice of granting an employee stock option that is dated prior to the date that the company actually granted the option. This practice raises a number of legal and accounting issues. The practice of backdating itself is not illegal, nor is granting of discounted stock options. What is illegal is the improper disclosures, both in financial records and in filings with the United States Securities and Exchange Commission (SEC).
Shame, shame, Take-Two.
Maybe now that this is finally cleared up, they can again focus on making games.
Image|TheAlieness GiselaGiardino²³
