Shareholder Sues Take-Two
Take-Two is in trouble again. Last Friday, Take-Two shareholder Patrick Solomon filed a lawsuit alleging that Take-Two’s “outright rejection of EA’s offers and failure to negotiate” are a failure to “reasonably respond” and “maximize shareholder value. According to him, the buyout offer was also initially kept secret in order to benefit executives.
ZelnickMedia partners Strauss Zelnick and Benjamin Feder were specifically named on the lawsuit, citing steps that they took that would give Zelnick and his partners a bonus in the event of a buy-out.
Take-Two has released a statement claiming the lawsuit “lacks merit” and that they intend to “defend vigorously against them.”
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