informa
1 min read
article

SEC Charges Loom Over Take-Two

Officials from Take-Two have confirmed that the company has received a Wells notice from the U.S. Securities and Exchange Commission (SEC), which indicates that the commission may file charges against Take-Two over its past stock option practices.
Officials from Take-Two Interactive have confirmed that the company has received a Wells notice from the U.S. Securities and Exchange Commission (SEC), which indicates that the commission may file charges against Take-Two over its past stock option practices. The SEC began a formal investigation into Take-Two’s stock option grant practices earlier in the year, following an informal, non-public, investigation and Take-Two’s own internal inquiry – both of which reported irregularities. The Wells notice from SEC investigators indicates that they are seeking authority from the commission to file charges and pursue a civil monetary penalty. The Wells notice also provides Take-Two with an opportunity to petition against the SEC filing charges. As reported by Reuters, Take-Two officials have indicated that the company hopes 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." Many other publishers, and hundreds of other companies unrelated to the games industry, have also been investigated by the SEC, including Electronic Arts, Activision and THQ. None have endured a formal investigation or been served a Wells notice.

Latest Jobs

Disbelief

Chicago, Illinois
05.10.22
Producer

Build a Rocket Boy Games

Edinburgh, Scotland
05.12.22
Lead Animation Programmer

Windwalk Games

Austin, Texas
05.16.22
Game Designer

Sucker Punch Productions

Bellevue, Washington
05.10.22
Campaign Director
More Jobs   

CONNECT WITH US

Register for a
Subscribe to
Follow us

Game Developer Account

Game Developer Newsletter

@gamedevdotcom

Register for a

Game Developer Account

Gain full access to resources (events, white paper, webinars, reports, etc)
Single sign-on to all Informa products

Register
Subscribe to

Game Developer Newsletter

Get daily Game Developer top stories every morning straight into your inbox

Subscribe
Follow us

@gamedevdotcom

Follow us @gamedevdotcom to stay up-to-date with the latest news & insider information about events & more