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'Grand Theft' maker settles with SEC
Take-Two to pay $7.5M civil penalty, ending probe into the video game maker's accounting practices.
June 9, 2005: 12:37 PM EDT

NEW YORK (CNN/Money) - Take-Two Interactive Software, Inc. announced Thursday that the Securities and Exchange Commission accepted a $7.5 million settlement offer, closing an investigation into the video game maker's accounting practices.

Shares of Take Two (up $1.48 to $28.00, Research) rose over 5 percent in early afternoon trading on the Nasdaq.

The New York-based maker of Grand Theft Auto did not admit or deny any wrongdoing, but said some of its current and former employees also reached settlements with the SEC.

"We have cooperated fully and are pleased to have resolved Take-Two's outstanding issues with the SEC," Paul Eibeler, Take-Two's president and CEO, said in a statement.

"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," he added.

An SEC spokesman wouldn't confirm or deny the settlement.

For a peek into Take Two's financials, click here.  Top of page

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