The bad news keeps on coming for Take-Two. It is now the target of several different lawsuits on behalf of Take-Two shareholders. A law firm announced its intention of seeking class-action status this week for people who owned shares of Take-Two between October 25, 2004, the day that Grand Theft Auto: San Andreas launched on the PlayStation 2 and January 27, 2006, the day that the Los Angeles City Attorney filed suit against Take-Two for misleading marketing and unfair competition.
Take-Two shares lost 30 percent of their value in the time frame outlined in the law suits. Milberg Weiss, a class-action lawsuit firm in the United States, said in a statement Monday that Take-Two engaged in fraudulent and illegal conduct during the class period so that insiders could sell more than 661,000 shares for proceeds of more than $18 million. Milberg Weiss has an online application to become a plaintiff in the lawsuit, if you owned stock of Take-Two during the period outlined, which you can find by clicking this link.