Take-Two Interactive May Face Criminal Indictment

Corporate crime and malfeasance. It’s nothing new (crack open your history book and look up “British East India Company,” “Robber Barons,” and “The Gilded Age”), and maybe its just that we’ve noticed it more since the infamous Enron collapse five years ago.

In any event, it’s starting to hit home for the gaming community. PS game developer  Take-Two Interactive  is now the subject of a grand jury investigation.  Wall Street analyst Michael Pachter has advised investors to be cautious buying into this company, because the recently issued subpoenas indicate that criminal indictments are not far behind.

“We believe that it is likely that one or more Take-Two employees may be subject to a potential criminal indictment,” says Pachter.

T2 Interactive announced earlier this week that the County of New York had issued grand jury subpoenas, requesting several documents from the past five years. It is not currently known if the corporation itself is under investigation, or specific individuals.

“It is impossible to speculate what the specific charges may be given the broad scope of the subpoenas, but we think that there is likely ‘probable causeÂ’ for the New York DAÂ’s office to seek such subpoenas,” Pachter adds. “We expect the grand jury investigation to take several months, and if indictments are issued, we believe that final resolution could take as long as two years.”

Via Games Industry

Corporate crime and malfeasance. It’s nothing new (crack open your history book and look up “British East India Company,” “Robber Barons,” and “The Gilded Age”), and maybe its just that we’ve noticed it more since the infamous Enron collapse five years ago.

In any event, it’s starting to hit home for the gaming community. PS game developer  Take-Two Interactive  is now the subject of a grand jury investigation.  Wall Street analyst Michael Pachter has advised investors to be cautious buying into this company, because the recently issued subpoenas indicate that criminal indictments are not far behind.

“We believe that it is likely that one or more Take-Two employees may be subject to a potential criminal indictment,” says Pachter.

T2 Interactive announced earlier this week that the County of New York had issued grand jury subpoenas, requesting several documents from the past five years. It is not currently known if the corporation itself is under investigation, or specific individuals.

“It is impossible to speculate what the specific charges may be given the broad scope of the subpoenas, but we think that there is likely ‘probable causeÂ’ for the New York DAÂ’s office to seek such subpoenas,” Pachter adds. “We expect the grand jury investigation to take several months, and if indictments are issued, we believe that final resolution could take as long as two years.”

Via Games Industry