In re Take-Two Interactive Securities Litigation Website
In re Take-Two Interactive Securities Litigation Website
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This official website is maintained by the Claims Administrator retained by and under the supervision of Lead Counsel in the action entitled In re Take-Two Interactive Securities Litigation, No. 1:06-cv-00803-RJS (the “Class Action”), in the United States District Court for the Southern District of New York (the “Court”).
 
The Court has preliminarily approved a proposed Settlement (the “Settlement”) on behalf of purchasers of Take-Two Interactive Software, Inc. (“Take-Two”) common stock during the period from December 17, 2002, through July 10, 2006 (the “Class Period”), in the amount of $20,115,000 in cash plus interest, as described in the Notice of Proposed Settlement of Class Action, Application for Attorneys’ Fees and Expenses and Fairness Hearing (the “Notice”).
 
The Class Action concerns alleged misstatements and omissions in connection with (a) the intentional backdating of stock options granted to Take-Two’s directors and senior management and (b) the inclusion of sexually explicit content in Take-Two’s then-premier product, the Grand Theft Auto: San Andreas video game, which ultimately caused the game to be temporarily withdrawn from circulation, allegedly resulting in losses to Take-Two.  The lawsuit alleged that the statements made by Defendants were false and misleading, were made in violation of federal securities laws, and caused damage to Plaintiffs and other members of the Class by inflating the price at which they purchased shares of Take-Two.  Take-Two disputes that it made any misrepresentations to investors and denies all allegations of wrongdoing.
 
The Court has scheduled a Fairness Hearing on October 12, 2010, at 10:00 am to consider final approval of the proposed Settlement.  At or after the Fairness Hearing, the Court will also consider whether to approve the proposed Plan of Allocation of the Settlement Amount and a request by Lead Counsel for an award of fees and expenses.
 
In addition, on February 14, 2007, in a civil enforcement action entitled Securities and Exchange Commission v. Brant, No. 1:07-cv-01075-DLC, the Securities and Exchange Commission (“SEC”) simultaneously filed and settled civil charges against Ryan Ashley Brant (“Brant”), formerly the chief executive officer and chairman of the board of directors of Take-Two, alleging that during a seven-year period, Brant enriched himself and others by granting undisclosed, “in the money” stock options to himself and to other Take-Two officers and employees. 
 
In conjunction with the proposed Settlement, the SEC has agreed to make available for distribution to Class Members and other investors who purchased or otherwise acquired Take-Two common stock during the period from February 6, 1998, through July 10, 2006, inclusive, the funds recovered by the SEC in the SEC action, which total approximately $6.5 million.
 
YOUR LEGAL RIGHTS AND OPTIONS
 

HOW CAN I GET A PAYMENT UNDER THE TERMS OF THE PROPOSED SETTLEMENT IN THE CLASS ACTION?
To qualify for consideration of a payment of the proposed Settlement, you must have purchased or otherwise acquired Take-Two common stock between December 17, 2002, and July 10, 2006, inclusive, and you must complete and sign a Proof of Claim and Release form, with supporting documentation as specified in the Proof of Claim and Release form, and mail it by First-Class Mail to Take-Two Interactive Securities Litigation, Claims Administrator, c/o A.B. Data, Ltd., PO Box 170500, Milwaukee, WI  53217-8042, postmarked on or before September 21, 2010.
HOW CAN I GET A PAYMENT FROM FUNDS RECOVERED BY THE SEC?
To qualify for consideration of a payment from the SEC, you must have purchased or otherwise acquired Take-Two common stock from February 6, 1998, through July 10, 2006, and you must complete and sign a Proof of Claim and Release form, with supporting documentation as specified in the Proof of Claim and Release form, and mail it by First-Class Mail to Take-Two Interactive Securities Litigation, Claims Administrator, c/o A.B. Data, Ltd., PO Box 170500, Milwaukee, WI  53217-8042, postmarked on or before September 21, 2010.
HOW CAN I EXCLUDE MYSELF FROM THE PROPOSED SETTLEMENT IN THE CLASS ACTION?
You can exclude yourself from the proposed Settlement by mailing a written request for exclusion, postmarked on or before September 21, 2010, to Take-Two Interactive Securities Litigation, Claims Administrator, EXCLUSIONS, c/o A.B. Data, Ltd., PO Box 170500, Milwaukee, WI 53217-8042, stating that you request to be excluded from the lawsuit.  Be sure to include your name (and the name of any joint owner of Take-Two common stock), your address, the number of shares of Take-Two common stock purchased and sold by you during the Class Period, the date(s) of such purchase(s) and sale(s), and the price(s) paid and received.  If you request to be excluded, you will not be entitled to share in the Settlement or be bound by the judgment to be entered in the Class Action.  If you exclude yourself from the class action Settlement, you may still be eligible for a payment from the SEC funds if you submit a Proof of Claim and Release form (and you will not be bound by the release).
HOW DO I OBJECT TO THE PROPOSED SETTLEMENT, PLAN OF ALLOCATION, OR FEE AND EXPENSE REQUEST IN THE CLASS ACTION?
To object to the proposed Settlement, Plan of Allocation or request for attorneys’ fees and expenses, you must send a letter directly to the Court, copying Lead Counsel for Plaintiffs and Defendants’ Counsel, at the addresses set forth on Page 11 of the Notice, by September 28, 2010.  That letter must include the case name and number (In re Take-Two Interactive Securities Litigation, No. 1:06-cv-00803 (RJS); your name; current address; telephone number; signature; all information concerning your purchase(s) and sale(s) of Take-Two common stock during the period from December 17, 2002, through July 10, 2006, inclusive; the reason(s) you object to the proposed Settlement, the request for attorneys’ fees and expenses, and/or the Plan of Allocation; and all evidence or paperwork supporting your objection that you wish to bring to the Court’s attention.
 
This is only a summary of the important dates set forth in the Notice, which contains additional important information concerning the proposed Settlement and related matters affecting Class Members’ rights.  If you have not yet received the Notice or Proof of Claim and Release form, you should download them from this website or at abdataclassaction.com.  You can also obtain copies or answers to your questions by contacting:
 
TAKE-TWO INTERACTIVE SECURITIES LITIGATION
CLAIMS ADMINISTRATOR
C/O A.B. DATA, LTD.
PO BOX 170500
MILWAUKEE, WI  53217-8042
800-332-7414 (toll free)
 
Inquiries, other than requests for the Notice and Proof of Claim and Release form, may be made to:
 
Jonathan M. Plasse, Esq.
LABATON SUCHAROW LLP
140 Broadway
New York, NY 10005
866-629-2828 (toll free)

 

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