Take-Two Interactive Software, Inc. Announces Settlement of Securities Class Action
New York, NY – September 1, 2009 – Under the proposed settlement, the class action will be dismissed in exchange for an aggregate payment of $20,115,000 into a settlement fund for the benefit of class members, of which $15,200,000 will be paid by the Company’s insurance carriers, and $4,915,000 will be paid by the Company. Take-Two fully accrued for its portion of the settlement costs over several quarters ended April 30, 2009. The Company also agreed to supplement the substantial changes that it has already implemented in its corporate governance policies and practices. The settlement is subject to the completion of final documentation and preliminary and final approval by the Court.
“We are pleased to have reached this settlement, which represents another important step forward for the Company,” said Strauss Zelnick, Chairman of Take-Two.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a global developer, marketer, distributor and publisher of interactive entertainment software games for the PC, PLAYSTATION®3 and PlayStation®2 computer entertainment systems, PSP® (PlayStation®Portable) system, Xbox 360® video game and entertainment system from Microsoft, Wii™ and Nintendo DS™. The Company publishes and develops products through its wholly owned labels Rockstar Games, 2K Games, 2K Sports and 2K Play; and distributes software, hardware and accessories in North America through its Jack of All Games subsidiary. Take-Two’s common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at www.take2games.com.
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