14 DAY TRIAL // Rather than being busy with providing information related to its videogame releases, publisher Take Two is filling the news space with information related to the law suits that it has managed to settle during the recent few days.
Today, the company announced that an agreement was reached with a group of share holders that had filed a class action suit against Electronic Arts, blaming it for not agreeing to the take over the offer that was talked about in 2008. The share holders, led by one Patrick Solomon, were trying to force Take Two to accept the offer made by Electronic Arts, which was willing to pay a price well above the value that shares would have gotten on the market.
It seems that the settlement does not involve any compensation for those who filed the suit, Take Two saying that its insurance policy would cover any legal fees claimed by the opposing side.
Take Two also settled a law suit a few days ago, this one of a more serious nature. The Securities Exchange Commission, which oversees all transactions that involve shares, and the New York District Attorney's office took Take Two to court, saying that the videogame publisher had filed false income reports and backdated stock options in an effort to improve its financial situation. Take Two did not comment on the accusations but was willing to settle with the two accusers. This time, a monetary payment was involved.
Take Two has had a strong start in 2009, with the Lost and Damned add-on for Grand Theft Auto IV selling very well on the Xbox 360 and breaking records for DLC. It seems that the company will publish another episode for GTA IV later in the year, trying to draw more revenue from its most successful franchise.