The shite has hit the fan at Take-Two, maker of "Grand Theft Auto," "Manhunt," and "Bully".
A quick recap: Take-Two has been under a cloud of investigation for several years from the SEC (Securities and Exchange Commission) due to irregular accounting practices and options backdating.
In fact, last month, former Take-Two CEO Ryan Brant plead guilty to charges that he manipulated the granting of stock options.
Yesterday, word trickled out that a coalition of shareholders representing 46% ownership of the company has decided to oust Take-Two's board of directors.
News of the take over led to a surge in the stock price as investors and analysts felt this move would bring some stability to the chronically mismanaged company.
Obviously, this is good news for Take-Two investors, but I still wouldn't put my money near it due to the fact that Take-Two is pretty much a one-trick pony with "Grand Theft Auto".
The other promising game they had recently was "Bully", which I thought was a wonderful game, but didn't quite meet sales expectations.
Getting back to the stock options, though, Take-Two couldn't have done it any dirtier. According to various reports, including this one from GamePolitics, Take-Two is one of several companies that used the post 9/11 stock market plunge as the date for their options backdating.
Translation: give execs the option to buy the stock at a very low price due to 9/11 so that they could sell them later for a huge profit. As Mr. Welch so famously said to Sen. McCarthy, "Have you no sense of decency, sir, at long last? Have you left no sense of decency?"