Summary
This 8-K filing by Take-Two Interactive Software, Inc. (TTWO) addresses the resolution of a stockholder class action lawsuit concerning the Zynga merger. The lawsuit, filed in April 2022, alleged omissions of material information in the Company's S-4 registration statement. Take-Two subsequently provided supplemental disclosures, which mooted the lawsuit's allegations. The Delaware Court of Chancery dismissed the action in May 2022, retaining jurisdiction only for attorneys' fees. The Company has agreed to pay $130,000 in attorneys' fees and expenses to the plaintiff's counsel, resolving this matter. The case was officially closed on August 11, 2022, following the issuance of this notice.
Key Highlights
- 1Resolution of stockholder class action lawsuit related to the Zynga merger.
- 2The lawsuit alleged omissions of material information in the S-4 registration statement.
- 3Take-Two's supplemental disclosures mooted the lawsuit's claims.
- 4The Delaware Court of Chancery dismissed the action as moot.
- 5Take-Two will pay $130,000 in attorneys' fees and expenses to plaintiff's counsel.
- 6The legal action is now officially closed.
- 7The court did not rule on the reasonableness of the fees paid.