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'Grand Theft' maker settles with SEC

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#1 Adriaan



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Posted 11 June 2005 - 07:55 PM

In my search for GTA News I found this very interesting article on CNN Money. Aparently Take 2 Interactive(pubishers of GTA) has payed the SEC $7.5 million to stop the investigation into their "accounting practices". Take 2 did not admit or deny that they did anything wrong.

"We have cooperated fully and are pleased to have resolved Take-Two's outstanding issues with the SEC," Paul Eibeler, Take-Two's president and CEO, said in a statement.

"The comprehensive company-wide changes we have instituted in recent years, including implementing a series of internal controls and procedures designed to ensure that our financial reporting processes meet the highest standard of integrity and professionalism, and making key additions to our senior executive team and Board of Directors, have made our company much stronger."

"We remain focused on delivering shareholder value through our leadership in the global interactive entertainment software market," he added.

Source: CNN Money

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