Take-TwoMan, this is a tough news day. First, the news that stupid is a drug. Then more about scumbag James Frey comes over the transom. Now this, from Herb Greenberg's column over at Marketwatch:
Take-Two issued a press release about changes in its board. A few analysts even regurgitated the company's comments. But as is often the case, investors ought to read the 8-K SEC filing for the rest of the story, most notably the circumstances surrounding the resignation of board member Barbara Kaczynski, chairman of the company's audit committee and the former CFO of the National Football League. A letter to the board from her attorney, Bruce Baird -- a noted white-collar defense attorney -- says she left because she was concerned about a number of issues, including "various SEC inquiries directed at Take-Two and its employees."
Furthermore, she said, her concerns rose "significantly" as the company prepared its delayed 10-K, "because of what she views as an increasingly unhealthy relationship between senior management and the board of directors. In her experience, management's interactions with the board were characterized by a lack of cooperation and respect. Moreover, Ms. Kaczynski felt the management failed to keep the board informed of important issues facing the company or failed to do so in a timely fashion." (Sort of speaks for itself.)
Let's just hope they don't explode (because they're going to) before they've released all the games we want to play.