Mark Androvich
21:28 (BST)
17/04/2008
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Take-Two discloses shareholder lawsuit
In a Form 8-K report filed with the SEC today, but dated April 11, Take-Two has disclosed a stockholder lawsuit filed against it in relation to the takeover offer from EA.
The lawsuit was filed on April 11 by Michael Maulano in the Supreme Court of the State of New York and purports to be a class action complaint against Take-Two and its current board of directors.
Maulano contends that the board breached their fiduciary duties by - among other things - refusing to explore premium offers by EA, enacting a by-law amendment to entrench the current directors and issuing a response to the offer that contained misleading and incomplete information.
In the 8-K report, Take-Two stated that it believed the claims lack merit and that it intends to vigorously to defend against them.
Maulano's complaint did not seek to enjoin or delay the annual meeting of stockholders which will be held this afternoon in New York City.
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