More troubles await the publisher of the hit [i]Grand Theft Auto[/i], as Take-Two Interactive announced Monday that it will face a shareholder derivative suit, which charges the company with breaches of fiduciary duty. The suit, filed by shareholder Richard Lasky in the U.S. District Court of the Southern District of New York, comes right after previous legal problems for Take-Two. This suit claims that certain executives with Take-Two sold stock while in the posession of material nonpublic information.
The suit states that, "This continuing decline in the quality and accuracy of Take-Two's financials is further indicative of the defendant's conscious disregard for the company's welfare. Indeed, defendants appear to be more interested in looting the company via the illegal repricing of stock options, rather than issuing accurate and truthful financials."
Will this be the last legal battle Take-Two has to take on? It very well may be, but you know it will all start again next year, when [i]Grand Theft Auto IV[/i] is released for the PS3 and Xbox 360.