Potential Class Size: Hundreds of holders of more than 115 million outstanding Take-Two shares.Īttorneys: The plaintiff is represented by Cooch & Taylor PA and Kaskela Law LLC. Relief: Costs, fees, and “further relief as is just and equitable.”
Both companies trade on the Nasdaq.Ĭause of Action: Breach of fiduciary duty. Take-Two Interactive really is becoming a big bully in the gaming industry, this time picking on It Takes Two. A planned vote of Take-Two’s shareholders is set for May 19, according to the complaint. The combination between Take-Two and Zynga-a social gaming company whose titles include FarmVille and Words With Friends-was announced in January. That information is “plainly material” to investors deciding whether to approve the transaction, the suit says. Morgan’s analytical efforts,” including any “dual incentives” stemming from its role providing up to $2.7 billion in “backstop” financing for the deal. Morgan aren’t named as defendants.Īccording to the relatively brief complaint, it’s “imperative for Take-Two stockholders to be able to understand what factors may have influenced J.P.
Morgan’s conflicts of interest tainted the process, and will be unable to cast fully informed votes,” according to the proposed class action filed Tuesday in Delaware’s Chancery Court.Ī spokesperson for Take-Two told Bloomberg Law on Wednesday that the company doesn’t comment on legal matters. “Without disclosure of this information, Take-Two stockholders are left guessing as to whether J.P. Morgan Securities LLC stands to make on debt financing for the acquisition, on top of the $34 million it will earn evaluating the transaction’s fairness in its capacity as deal adviser. The suit, which also names Take-Two as a defendant, accuses its board of concealing “potentially significant” fees J.P.
IT TAKES TWO SUED PC
and 2K Games, which publishes popular sports-related titles and PC strategy best-sellers like the Civilization series. Take-Two isnt suing anyone, but it is objecting to trademarks that include or are close to its company and division names. The lawsuit targets the board of Take-Two, a video game holding company that owns major studios such as Grand Theft Auto maker Rockstar Games Inc. affiliate that steered its proposed $12.7 billion acquisition of Zynga Inc. Walker Wear brand sued Off-White for plagiarism Tupac Shakur, 90s Hip Hop.
investor filed suit in Delaware, claiming the company’s leaders are keeping shareholders in the dark about conflicts of interest affecting the JPMorgan Chase & Co.
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