Take-Two confirms backdating
Monday
Independent investigation blames ex-CEO for "significant" mishandling of stock-option grants from 1997 to 2003; says current executive suite is clean.Last year, the Securities and Exchange Commission launched investigations of various high-profile game publishers, including THQ and Activision, for backdating stock options. As a result, many of those publishers hired external auditors to conduct independent investigations to head off any official sanctions from the federal government.
Now, just over a month after it first admitted financial "improprieties," one of the biggest publishers under investigation confirmed it backdated options in the late 1990s and early 2000s. Today, Take-Two Interactive conceded that it had "failed in many cases to comply with the terms of its stock option plans" by allowing its founder and former CEO Ryan Brant "to control and dominate the granting process."
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source: gamespot.com
Labels: industry news
posted by Wasted Rage @ 1/22/2007 07:13:00 PM,
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Brock Raybon - Wasted Rage
Brock is a business owner by day and avid gamer and blogger by night. He writes about console and pc gaming, hdtv and technology news. Definitely a "CONSOLE FANBOY" born with a 2600 joystick in his hand.
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Chris works in customer services by day and moonlights as a hardcore techie by night. He started gaming as a young lad with his trusty Atari and now plays it all from console to hardcore pc games. HE GIVES CONSOLE AND PC GAMES A FAIR SHAKE.
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