Take-Two Interactive Software, Inc. Securities Class Action Lawsuit Settles
Take-Two Interactive Software, Inc. (NASDAQ: TTWO) announced on Septemeber 1, 2009 that it reached an agreement in principle to settle a consolidated securities class action pending in the United States District Court for the Southern District of New York against Take-Two Interactive Software, Rockstar Games, and certain officers and directors. The Take-Two Interactive Software class action was related to allegations of the purported “Hot Coffee” content contained in Take-Two Interactive Software’s Grand Theft Auto: San Andreas title and historical stock option granting practices.
Under the proposed settlement, the class action will be dismissed in exchange for an aggregate payment of $20,115,000 million dollars into a class action settlement fund for the benefit of class members, of which $15,200,000 million dollars will be paid by Take-Two Interactive Software’s insurancecarriers, and $4,915,000 milion dollars will be paid by Take-Two Interactive.
The Take-Two Interactive Software class action settlement is subject to the completion of final documentation and preliminary and final approval by the Court.