Defendant Name:
Take-Two Interactive Software, Inc.
Defendant Type:
Public Company
SIC Code:
7370
CUSIP:
87405410
Document Reference:
comp20982
Document Details
Legal Case Name
SEC v. Take-Two Interactive Software, Inc.
Document Name
Complaint
Document Date
01-Apr-2009
Document Format
Civil Proceeding
Case Number
09-cv-03113
Federal District Court
New York, Southern District of New York
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On April 1, 2009, the SEC filed a complaint against Take-Two Interactive Software, Inc. The Commission stated: "From April 1997 through at least September 2003, defendant Take-Two Interactive
Software, Inc. ("Take-Two" or the "Company"), through its former Chairman of the Board and
Chief Executive Officer ("CEO") Ryan Brant ("Brant") and certain other former senior
executives at Take-Two, fraudulently enriched officers, directors, and key employees at the
Company by granting them backdated, undisclosed "in-the-money" stock options that coincided
with dates of historically low annual and quarterly closing prices for Take-Two's common stock.
As a result of the backdating scheme, Take-Two's records falsely indicated that the grants had
occurred on the earlier dates when the Company's stock price had been at a low."