Take-Two Served with Wells Notice

Take-Two Interactive Software Inc.'s ("Take-Two") troubles with the U.S. Securities and Exchange Commission ("SEC") continue as it was recently served with two "'Wells Notices". Wells Notices are letters issued by the SEC to notify parties that the SEC intends to commence an action against them.

Over the past year several former officers of Take-Two have been convicted or plead guilty to charges of backdating stock options that arose from SEC investigations.

Take-Two responded to the Wells Notice by stating that it would fully co-operate with the SEC.

Coverage at cfo.com and gamedaily.com.