Formal SEC investigation of Take-Two underway

As part of their filing of an 8-K form after undergoing management changes recently, Take-Two Interactive disclosed that an informal probe by the Securities and Exchange Commission (SEC) has turned formal. This from Herb Greenberg’s market blog on Market Watch.

The informal probe was originally just about stock options and was disclosed by Take-Two last July. According to Greenberg, Take-Two said that it was advised of the formal probe on March 15. The formal order “allows the SEC, among other things, to subpoena witnesses.”

Greenberg surmises that the probe extends beyond the stock options issue, as suggested by the “among other things” phrase. Take-Two has already received multiple subpoenas from the New York County Grand Jury regarding accounting issues as well as the stock options issue.

Via Market Watch

As part of their filing of an 8-K form after undergoing management changes recently, Take-Two Interactive disclosed that an informal probe by the Securities and Exchange Commission (SEC) has turned formal. This from Herb Greenberg’s market blog on Market Watch.

The informal probe was originally just about stock options and was disclosed by Take-Two last July. According to Greenberg, Take-Two said that it was advised of the formal probe on March 15. The formal order “allows the SEC, among other things, to subpoena witnesses.”

Greenberg surmises that the probe extends beyond the stock options issue, as suggested by the “among other things” phrase. Take-Two has already received multiple subpoenas from the New York County Grand Jury regarding accounting issues as well as the stock options issue.

Via Market Watch