Man, the suits keep coming.

Take-Two interactive just filed notice that a shareholder has filed a complaint against Take-Two and some of their execs for fraud.

Richard Lasky filed the complaint on July 12 in the District Court of the Southern District of New York, alleging, among other things, that Take-Two and certain current and former officers and directors of the company violated the anti-fraud provisions of the Securities Exchange Act of 1934.

Basically, it sounds like he's claiming insider trading between April 1998 and May 2002 and that Take-Two issued knowingly false statements about the company's financial condition and business prospects. Lasky is seeking unspecified damages.

Take-Two says that they are reviewing the allegations and have referred the complaint to their Special Litigation Committee. Ooooh, it can't be good when a company has to create a whole committee to look at litigation claims.

Interestingly, Take-Two says they don't plan on reporting any future lawsuits that deal with the same claims. I wonder if that means they don't have to report when the inevitable happens and this becomes a class action? Brian Crecente

Send an email to the author of this post at .