Hedge fund Glenview Capital Management have revealed in an SEC filing that it sold exactly 3 million shares of Take Two stock over the course of six transactions on December 21 at $19.25 each, amounting to $57.75 million. Glenview also disclosed that it held a 6.7% stake, or 4.88 million shares, of the controversial publisher.
You might be quick to think something rather shifty is going on behind the scenes with such a large quantity of sales, but remember that GCM is a hedge fund with a fiduciary responsibility to its investors, and Take Two's stock has been on a steady rise since the FTC concluded its investigation of the Hot Coffee incident in June.
[Via Seeking Alpha and Dubious Quality]
