Take-Two Facing SEC Charges
Securities and Exchange Commission [http://www.take2games.com/] charges over its past stock option practices, the company announced yesterday.
The company said the SEC intends to seek authority to file charges and pursue a civil penalty, and that it has received a Wells notice [http://www.seclaw.com/docs/wellsnotice.htm]giving Take-Two an opportunity to respond and convince the SEC not to file charges. Take-Two said it intends "to resolve this investigation by means of a settlement rather than a contested litigation of charges. ... The "Wells call" represents a significant step forward towards that resolution."
The move is the latest in a series SEC-delivered blows against the company; earlier this year, the company's former chairman and CEO, former chief accounting officer and former top legal counsel all layoffs and closures [http://www.escapistmagazine.com/news/view/75124] in both the U.S. and U.K. as part of a restructuring and consolidation plan.
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Securities and Exchange Commission [http://www.take2games.com/] charges over its past stock option practices, the company announced yesterday.
The company said the SEC intends to seek authority to file charges and pursue a civil penalty, and that it has received a Wells notice [http://www.seclaw.com/docs/wellsnotice.htm]giving Take-Two an opportunity to respond and convince the SEC not to file charges. Take-Two said it intends "to resolve this investigation by means of a settlement rather than a contested litigation of charges. ... The "Wells call" represents a significant step forward towards that resolution."
The move is the latest in a series SEC-delivered blows against the company; earlier this year, the company's former chairman and CEO, former chief accounting officer and former top legal counsel all layoffs and closures [http://www.escapistmagazine.com/news/view/75124] in both the U.S. and U.K. as part of a restructuring and consolidation plan.
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