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TAKE TWO INTERACTIVE SOFTWARE INC 8-K Report, Corporate Update (Jul 29, 2005)

Filed July 29, 2005For Securities:TTWO

Summary

Take-Two Interactive Software, Inc. announced on July 29, 2005, that it and its subsidiary, Rockstar Games, Inc., have been named as defendants in two virtually identical class-action lawsuits. These lawsuits were filed in the United States District Court for the Southern District of New York by the same law firm, representing alleged purchasers of the game "Grand Theft Auto: San Andreas." The core of the allegations revolves around the "hidden" content within the game and the subsequent "Mature 17+" (M) rating received from the Entertainment Software Rating Board, rather than an "Adults Only 18+" (AO) rating. Plaintiffs claim consumer deception, false advertising, common law fraud, and unjust enrichment due to the alleged failure to disclose this content.

Key Highlights

  • 1Take-Two Interactive and Rockstar Games are facing two class-action lawsuits.
  • 2The lawsuits stem from the game "Grand Theft Auto: San Andreas" and its content rating.
  • 3Plaintiffs allege consumer deception, false advertising, fraud, and unjust enrichment.
  • 4The lawsuits claim the company failed to disclose "hidden" content that led to an M rating instead of an AO rating.
  • 5The complaints seek unspecified damages, legal declarations, and litigation costs.
  • 6Take-Two Interactive believes the lawsuits are without merit and intends to defend itself vigorously.
  • 7The company plans to seek dismissal of these actions.

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