Lawsuit Overview
Settlement Overview
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July 25, 2011 - The court ordered the authorization of the distribution of the net settlement fund.
October 18, 2010 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
June 29, 2010 - The court preliminarily approved the settlement.
November 20, 2009 - Parties filed a stipulation of settlement.
April 16, 2008 - The court granted in part and denied in part the defendants' motions to dismiss.
July 9, 2007 - The defendants filed an additional motions to dismiss.
June 25, 2007 - The defendants filed a motion to dismiss.
April 16, 2007 - The lead plaintiffs filed a second amended complaint.
September 11, 2006 - The lead plaintiffs filed an amended consolidated complaint.
July 12, 2006 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.
April 3, 2006 - Lead plaintiff motions were filed.
February 1, 2006 - An investor in shares of Take-Two Interactive Software Inc (NASDAQ: TTWO) filed a lawsuit in the U.S. District Court for the Southern District of New York against Take-Two Interactive Software Inc over violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 25, 2004 and January 27, 2006.
The original complaint charges Take-Two Interactive Software Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934 by issuing a series of materially false statements regarding the success of Take-Two Interactive Software Inc's video game Grand Theft Auto: San Andreas and the strong contribution that it was making to Take-Two Interactive Software Inc's overall revenues. Specifically, defendants failed to disclose that Take-Two Interactive Software Inc improperly hid pornographic materials directly in the programming of the Grand Theft Auto: San Andreas in order to obtain a rating of Mature 17+ by the powerful Entertainment Software Rating Board ( ESRB ). As alleged in the Complaint, had the ESRB known of the pornographic materials contained in the game, it would have assigned it a rating of Adults Only 18+ and it would not have been carried for sale in the major retail chains, who refuse to carry such games. Indeed, when it was subsequently disclosed that the ESRB had revised its rating on the game to Adults Only 18+, Take-Two Interactive Software Inc was forced to reduce its financial guidance.
The complaint further alleges that on or around January 27, 2006, it was announced that the City Attorney for the City of Los Angeles filed an action against Take-Two Interactive Software Inc and its subsidiary, Rockstar, in the Superior Court of the State of California alleging, that Take-Two Interactive Software Inc and Rockstar violated sections of the California Business and Professions Code by publishing untrue and misleading statements and engaging in unfair competition. On this news, Take-Two Interactive Software Inc's stock (NASDAQ: TTWO) fell below $14 per share.