Poor, naughty Take-Two. The game company that gamers love and everyone else loves to hate has been served with a Wells notice by the SEC. That basically means T2 has an opportunity to try and convince the US Securities and Exchange Commission to not file charges against for previous stock practices.
T2 received the notice on August 9, 2007, months after T2 announced in April 2007 that it was being investigated by the SEC. GameDaily points out that Take-Two’s stock has fallen 32 percent in the last three months, certainly as a result of the shareholder coup, the Manhunt 2 international controversies and the delayed release of Grand Theft Auto IV.
From the SEC filing, T2 indicated it expects “to resolve this investigation by means of a settlement rather than a contested litigation of charges … the ‘Wells’ call represents a significant step forward towards that resolution.”