On 30 July Take-Two Interactive Software, Inc. filed a Form 8-K with the SEC. In it there are essentially two bits of good news for Take-Two and fans of the company.
The first issue deals with the purported class and derivative action captioned St. Clair Shores General Employees Retirement System v. Eibeler, et al It’s basically an insider trading case.
The result: All claims against the Company were dismissed. In its decision, the Court dismissed all claims against all defendants arising out of the plaintiff’s derivative claims.
That saves Take-Two from having to give back a large chunk of money.
The second piece of good news is in regards to the Consumer Class Action—Grand Theft Auto: San Andreas.
In this case there was a settlement sum of $1,025,000 at stake, but again Take-Two used Bullet time and dodged one.
On July 31, 2008, the Court issued an opinion refusing to certify the proposed settlement class. The Court held that, under controlling case law issued after the parties negotiated the settlement, the plaintiffs could no longer meet their burden of showing that the case could proceed on the proposed class basis, regardless of whether the purpose of certification was for litigation or settlement. The Company expresses no opinion as to the likelihood of an appeal or the outcome of such an appeal. If the plaintiffs choose to continue the case notwithstanding the court’s decision, the Company will continue to defend it vigorously.
The stock did well today also which is to be expected when you dodge two legal nets:
| Take-Two Interactive Software, Inc. (TTWO - NASD) |
|
| Closing Price | $ 24.03 |
| Opening Price | $ 23.12 |
| Previous Close | $ 22.95 |
| Change |  1.08 |
| Last Trade | Aug 5 4:00PM |
| Volume | 495,000 |
| Day Low | $ 23.02 |
| Day High | $ 24.05 |
