Recently, Take-Two has had its share of a few problems. With all sorts of nutty accounting mix-ups and shady stock offerings, the company isn’t exactly on top of the world. However, things are starting to turn around. Earlier today, Take-Two announced that 5 former directors have agreed to pay back the money lost by the company for awarding dated stock options.
Take-Two has been at the center of a few discrepancies lately that can be attributed to bad management decisions. Ex Take Two CEO, Ryan Brant, is specifically to blame for the company falling to the wayside. Brant has pleaded guilty in two seperate cases involving the Take-Two stock option scandal, and now that plea is coming to bare.
According to an article in the NY Times, 5 former Take-Two directors have agreed to pay back a sum equal to the amount of money handed out in options. Robert Flug, Oliver R. Grace Jr., Todd Emmel, Steven A. Tisch and Mark Lewis have all agreed to pay back Take-Two and set the record straight as far as stock options are concerned. This offering should theoretically appease the SEC (Securities and Exchange Commission), and set the records straight. Take-Two is trying to set things straight and avoid de-listing with NASDAQ, and for that, this is a step in the right direction.