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If you were to search our news archive, the company you would find the most bad news about is Take-Two Interactive, the company that brings us the infamous Grand Theft Auto series.
The bad news just keeps piling up for the company. They are now being sued by the city of Flint, Michigan for securities fraud and insider stock trading. The lawsuit alleges that Take-Two deceived the city’s pension fund and other investors by misrepresenting assets and hiding the financial damage done by the Hot Coffee scandal. The suit also accuses insiders of dumping $18 million worth of shares while Flint pension administrators were buying Take-Two stock.
“Fraud against the taxpayers of Flint and our retired Flint police officers and firefighters will not be tolerated. Not only was the city pension fund deceived as to the value of the stock, but the true nature of what this company was selling was being concealed too,” announced Mayor Don Williamson.
Flint invested $524,000 in Take-Two. They ended up taking a $176,000 loss.
“This is the kind of investment you did not want to make,” stated George Peck. “The bottom line is you were deceived.”