Class Action Suit Filed Against Take-Two Interactive Software, Inc., Makers of Grand Theft Auto: San Andreas
Ademi & O’Reilly, LLP announced that it filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of Take-Two Interactive Software, Inc. (”Take-Two” or “the Company”) (Nasdaq:TTWO) common stock during the period between October 25, 2004 and January 27, 2006 (the “Class Period”).
The Complaint alleges that, during the Class Period, defendants made numerous representations about the success of the Company’s video game Grand Theft Auto: San Andreas and the strong contribution that it was making to the Company’s overall revenues. However, as alleged in the Complaint, defendants failed to disclose that, in order to distinguish this new product in an already saturated videogame market, the Company improperly hid pornographic materials directly in the programming of the Grand Theft Auto: San Andreas game. The Complaint further alleges that defendants failed to disclose the inclusion of the pornographic materials in order to obtain a rating of “Mature 17+” by the powerful Entertainment Software Rating Board (”ESRB”), a private group that rates video games.
Personally I have strong reservations about this lawsuit.
If you wish to serve as lead plaintiff, you must move the Court no later than April 3, 2006. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Guri Ademi at 866/264-3995 or via e-mail at gademi@ademilaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.ademilaw.com/cases/TakeTwo.pdf.
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Filed under Class Action, General Law
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