CONSHOHOCKEN, Pa.- LAWFUEL – The Law News Network –Feb. 2, 2006–Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces that a lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of Take-Two Interactive Software, inc. (“Take-Two” or the “Company”) (NASDAQ:TTWO) between October 25, 2004 and January 27, 2006, inclusive, (the “Class Period”). The lawsuit was filed against Take-Two and certain officers and directors (“Defendants”).
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at [email protected] and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than April 3, 2006 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants made many representations about the success of the Company’s primary product – Grand Theft Auto: San Andreas and the positive contribution it was making to the Company’s revenues. However, it is alleged that Defendants failed to disclose that the Company improperly hid embedded pornographic materials directly in the programming of the game. The Complaint also alleges that Defendants failed to disclose this in order to obtain a rating of Mature 17+, versus a rating of Adults Only 18+, thereby enabling it to market the game to a wider audience.
On January 27, 2006, the City Attorney for the City of Los Angeles filed an action against the Company and its subsidiary, Rockstar, in the Superior Court of the State of California, alleging that the Company and Rockstar violated sections of the California Business and Professions Code by publishing untrue and misleading statements and engaging in unfair competition. In reaction to the announcement, share of Take-Two dropped from $17.03 to $14.69, or 13.7% on heavy volume.
If you bought Take-Two securities between October 25, 2004 and January 27, 2006, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (888) 753-2796 to speak with an advisor.