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Take-Two Interactive Software has announced that the Securities and Exchange Commission (SEC) has accepted the company’s previously announced settlement offer, concluding the investigation.
The company did not admit or deny any wrongdoing, but has agreed to consent to an entry of an order prohibiting it from future violations of specified provisions of the Securities Act of 1934. Take-Two has also agreed to pay $7.5 million in civil penalties which was previously reported as an expense in its fourth fiscal quarter ended October 31st, 2004. Certain company employees and former employees have also reached settlements with the SEC.
Paul Eibeler, Take-Two’s President and Chief Executive Officer, said, “We have cooperated fully and are pleased to have resolved Take-Two’s outstanding issues with the SEC. The comprehensive company-wide changes we have instituted in recent years, including implementing a series of internal controls and procedures designed to ensure that our financial reporting processes meet the highest standard of integrity and professionalism, and making key additions to our senior executive team and Board of Directors, have made our company much stronger. We remain focused on delivering shareholder value through our leadership in the global interactive entertainment software market.“
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