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Take-Two Interactive: Stock investigations update |
Listed in: News Tags: Paul Eibeler, Take-Two Interactive
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First came the accusations, now comes the investigation. For the guys who were around when we reported on the lawsuits incident game dev Take-Two Interactive faced, here's an update. Take-Two Interactive Software announced that a Special Committee of its Board of Directors has just finished up their investigation on the company's stock options.The committee, which consisted of three members of Take-Two's board of directors, conducted an independent investigation relating to past stock option grants, the timing of such grants and related accounting matters. The investigation itself was done through several means: a review and analysis of documents and emails, and interviews of current and former officers, directors, employees and advisers to Take-Two.
The resulting investigation yielded two details: there were improprieties in the process of granting and documenting stock options and that incorrect measurement dates for certain stock option grants were used for financial accounting purposes. Secondly, the team didn't find misconduct by the Company's current Executive Officers, including Paul Eibeler, Take-Two's Chief Executive Officer and President, and Karl Winters, Take-Two's Chief Financial Officer.
The team is expected to compile a final report following this investigation, along with recommended actions to be taken following their findings.
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