Take-Two Reaches Settlement with SEC

Take-Two Interactive Software Inc., publisher of Grand Theft Auto, has reached an agreement with the Securities and Exchange Commission (SEC) to end an investigation of accounting issues.

The SEC believed that Take-Two had shipped thousands of video games to distributors who did not pay for them, fraudulently recorded the shipments as sales, and accepted return of the games in later reporting. Take-Two did not admit or deny the allegations but accepted a settlement of a $7.5 million civil fine.

by lindsay
06/27/2005 08:00PM

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