Feeds

SEC sticks up Grand Theft Auto maker for $3m

Settles backdating lawsuit

Beginner's guide to SSL certificates

Take-Two Interactive, publisher of the Grand Theft Auto video game series, has agreed to pay US regulators $3m to settle a lawsuit over illegally backdating employee stock options.

The maker of the popular series was among more than 200 companies involved in a tech industry wide backdating probe by the US Securities and Exchange Commission that saw Dell, Apple, McAfee and Brocade investigated.

SEC claimed Take-Two defrauded investors by altering the dates of when stock options were granted for officers, directors, and key employees to when the price closed at historic lows. The practice isn't illegal in itself - unless a company fails to report it to regulators and investors.

The SEC claimed 100 occasions between the years 1997 and 2003 under the direction of Take-Two's former chief executive Ryan Brant. The ex-chief was previously charged for his alleged role in the scheme. He agreed to pay more than $6.3m and to never serve as an officer or director to a public company.

Without admitting or denying the SEC's allegations, Take-Two agreed to pay a civil penalty of $3m and an additional $300,00 to the New-York state District Attorney for cost of investigation and lawyer fees.

As part of the settlement, however, the company acknowledged that: "Certain of its former directors and officers engaged in certain illegal behaviors related to the historical granting of stock options." In return, the New York DA won't pursue charges for those "certain" activities.

"Resolving this issue has been a key objective for Take-Two since the current management team took office in early 2007, and we are gratified to have put this matter behind us," Take-Two's chairman Strauss Zelnick said in a statement. ®

Beginner's guide to SSL certificates

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
DOUBLE BONK: Testy fanbois catch Apple Pay picking pockets
Users wail as tapcash transactions are duplicated
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.