Take 2 Interactive, makers of the
Grand Theft Auto series, have agreed to pay $3 million for a settlement in a stock options lawsuit related to backdating options to an all-time low price.
“Take-Two’s seven-year backdating scheme was egregious and pervasive, and caused the company to materially misrepresent its financial condition to investors,” Christopher Conte, an S.E.C. attorney in Washington overseeing the case, said in a statement.
The S.E.C. contended Mr. Brant and other former senior executives had “fraudulently enriched” key employees by granting them stock options backdated to days of historically low closing prices. Mr. Brant pleaded guilty to falsifying records and was sentenced to five years’ probation.
Take 2 Interactive, makers of the Grand Theft Auto series, have agreed to pay $3 million for a settlement in a stock options lawsuit related to backdating options to an all-time low price.
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