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Class-Action Lawsuits Pile Up Against Take-Two
Compounding the accounting problems that Take-Two already has, the publisher is now facing down almost a dozen class-action lawsuits which assert that the company misled investors as to the true nature of the company's finances.
Lawsuits against Take-Two have been filed by the following firms:
Schiffrin & Barroway, LLP (Bala Cynwyd, PA), announced February 4.
Rabin & Peckel LLP (New York, NY), announced February 1.
Stull, Stull & Brody (New York, NY), announced January 16.
Schatz & Nobel (Hartford, CT), announced January 16. Bull & Lifshitz, LLP (New York, NY) announced January 15.
Much Shelist LLP (New York, NY), announced January 11.
Cauley Geller Bowman & Coates, LLP (Little Rock, AR), announced January 9.
Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), announced January 9.
Brodsky & Smith, L.L.C. (Bala Cynwyd, PA), announced January 8.
Brian M. Felgoise, P.C. (Philadelphia, PA), announced December 27.
Charles J. Piven, P.A. (Baltimore, MD), announced December 26.
All of these suits were filed in the United States District Court for the Southern District of New York, and charge that Take-Two issued a series of materially false and misleading statements to the market between February 24, 2000 and December 17, 2001, concerning its financial performance for fiscal year 2000 and the first three quarters of its fiscal year 2001.
The class period used by these lawsuits corresponds to the beginning of statements made by Take-Two's executives about the performance of the company, until December 17, 2001, when Take-Two issued a press release announcing that it would restate its financial results for its fiscal year 2000 and the first three quarters of its fiscal year 2001.
Trading on Take-Two's stock was halted by NASDAQ on January 22, pending the release of the company's revised financial results for fiscal 2000, and the first three quarters of fiscal 2001. The company has until February 13 to release those results.