PS3 News: Take-Two Cleared For Lawsuit Against Former Executives - PS3 News

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Take-Two Cleared For Lawsuit Against Former Executives

Where there's big money, there's crime. Or alleged crime. Or whatever. It just makes me want to take a shower.

Take-Two may have shown solid results in their latest financial report, but it still wants to go after four former executives who helped lead the company through the past decade. According to a recent Reuters report, New York federal judge Laura Taylor Swain has given the green light for the publisher to sue its former leaders "for securities fraud related to backdating stock options." The ruling was that the "company specifically identified the alleged improperly backdated option grants and sufficiently alleged the defendants had an intent to deceive or defraud." Named in the suit: ex-Take-Two CFOs Larry Muller and James David, and former CEOs Kelly Sumner and Ryan Brant. Back in February 2007, Brant issued a guilty plea in response to first-degree felony charges of "falsifying business records" during the company's stock-option backdating scandal. The SEC found that between the years 1997 to 2003, Brant had given himself (and other employees) stock options, and then changed the records concerning when the options were granted. Why? For more profit, of course.

In August of 2007, he decided to broker a deal that would allow him to avoid jail; he paid $6.3 million to settle the SEC's civil suit against him and another $1 million to New York state and local authorities. And now, he's back in the limelight for all the wrong reasons, and three former executives are coming along with him. Guess it's just another example of money corrupting.

4/1/2010 9:08:59 PM John Shepard

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Comments (13 posts)

tes37
Thursday, April 01, 2010 @ 9:32:09 PM
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I like to make money the old fashioned way. By printing it...... j/k. Looks like some of these people may be adding jail time to their resumes.

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laksh
Friday, April 02, 2010 @ 4:14:42 AM

"by printing it" had me laughin instantly. lol

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BikerSaint
Thursday, April 01, 2010 @ 9:45:45 PM
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BYE, BYE, thieving scumbags!!!!

And don't forget "NOT" to write!!!!!!

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Irievibes
Thursday, April 01, 2010 @ 10:10:44 PM
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wow i cant even wrap my head around all that legal jumble, i dunno how lawyers do it lol, oh well one thing is for certain, money is always a constant where there is corruption, it always comes back to money....

what makes the world go around? money man, money!

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WorldEndsWithMe
Thursday, April 01, 2010 @ 10:36:04 PM
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Steal from the gaming industry will you? Don't you know gamers like to kill, ravage, and devastate people?

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Alienange
Friday, April 02, 2010 @ 2:07:17 AM

And grapple them to exploding barrels.

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kraygen
Friday, April 02, 2010 @ 12:21:08 AM
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Never made any sense to me how rich people could get rich by stealing lots of money and then get out of trouble by paying a small portion of it back.

How is that justice? Gotta love our government, maybe I should steal a few million dollars, then I can just give a couple back and be ok right?

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___________
Friday, April 02, 2010 @ 1:37:26 AM
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see what money does to the industry?
activision, ubisoft, 2K use to be among the best development studios, especially 2K.
now look at every one of them.
activision just turns out sh*t after sh*t and charges you 180 AUD for a freaking plastic guitar!

ubisoft have given their PC fans the finger and made it almost impossible for their fans to play the games THEY PAID FOR!

and 2K how many law suits have they filed?
honestly?
they must spend more time in court than paris Hilton!

i wish i could turn back the clock, and bring us todays hardware with yesterdays developers.
imagine half life 2 running on todays PCs.
imagine crash bandicoot running on the ps3.
imagine spyro running on the ps3.
imagine doom 1,2 running on todays PCs.
imagine quake 1,2,3 running on todays PCs.
imagine wolfenstine 3D running on todays PCs.
imagine duke nukem 3D running on todays PCs.
imagine ratchet and clank 1,2,3, gladiator runing on the ps3.
jesus christ!
excuse me while i go change.

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Alienange
Friday, April 02, 2010 @ 2:10:45 AM
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It doesn't bother me when this kind of thing happens in the real world, but when it touches the gaming world, it pisses me off.

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FullmetalX10
Friday, April 02, 2010 @ 5:35:01 AM
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What money can't do to you, these dudes get crazy when they have that smell in their nose, I don't see Santa Monica or Sucker Punch doin' sh*t like this, cuz they have brains is why, and they work for Sony, like exclusively, though I don't know if Sucker Punch is first party.

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JackC8
Friday, April 02, 2010 @ 7:12:57 AM
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I'll never understand it - people are making millions, but it's so important to them to get even more millions. I mean, what is there left to buy after you've got your first ten million? Is it just an infatuation with big numbers? They can't live with only 3 or 4 big mansions, they've absolutely got to have a 5th and a 6th?

Meh...whatever.

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Irievibes
Friday, April 02, 2010 @ 8:53:59 AM

its a wee bit more complicated than that, i get what you are saying and i agree, but there is usually more motivation than just "i want more money" ..

BTW , funny, the "Ask a lawyer ad right after the article lol

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ValdiPS3
Friday, April 02, 2010 @ 11:13:10 AM

JackC8 agree with you, but today money is power, the more money get more power you have, the more power greater recognition and sense of importance, but this is merely an illusion, after death will realize that all this paper does has real usefulness, live happy, be simple, respect the next, and help those who deserve it, and play video games.this is my life.

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