SEC considering charges against Take-Two
by Ross Miller 
{ Aug 16th 2007 at 1:55PM }
The US Securities and Exchange Commission has sent publisher Take-Two a Wells notice, which indicates that the agency is considering filing charges and pursuing a "civil monetary penalty," according to Reuters.Though the publisher has previously been entangled with the government over a cup of warm java, the issue here arises from improper backdating of employee stock options. An internal review by the publisher discovered that their financial records for the last decade were unreliable. Former CEO Ryan Bryant has already plead guilty and was punished five years of probation and millions of dollars in fines.
The Wells notice gives Take-Two a final chance to convince the SEC not to take action. Though their financial quarter already looks bleak given the GTA IV delay, the company may have a hit on their hands with BioShock given the inordinate amount of praise that title has received.
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Reader Comments (Page 1 of 1)
Night Elve @ Aug 16th 2007 2:28PM
Holy shit at this rate I don't think we will see another Grand Theft Auto.
mr nimblewick @ Aug 16th 2007 2:52PM
Yeah, that's too bad.
Salman @ Aug 16th 2007 3:02PM
I don't think Take Two cares about BioShock. It's published 2K.
Zootittles @ Aug 20th 2007 4:07PM
Since 2K is a subsidiary of Take Two, that may affect Take Two's standing positively.