A press release issued today by the Hartford, CT law firm Schatz & Nobel outlines plans for a stockholder suit against Take Two. Qualifying members of the plaintiff class are those who purchased Take Two common stock between October 25, 2004 (GTA San Andreas release date) and January 27th of this year.
The complaint essentially alleges that Take Two's mismanagement of the GTA franchise and the Hot Coffee scandal caused the stock price to drop significantly, thereby harming investors.
Despite being filed in the Southern District of New York, this is not the St. Clair Shore General Employees Retirement System case mentioned earlier this week by GamePolitics in our report on Take Two's SEC filing.
Oddly enough, Schatz & Nobel seem to be hunting for a lead plaintiff. Their press release reads, in part: "If you are a member of the class, you may... request that the Court appoint you as lead plaintiff... a class member that acts on behalf of other class members in directing the litigation... lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement."
GP: Hey, since he bought a share of Take Two stock in order to crash the upcoming shareholders' meeting, maybe Jack Thompson could be the lead plaintiff. What a three-ring circus that would be!!
Many thanks to Jabrwock for digging up this story...