Family dollar backdating
A day after announcing these acquisitions, Take-Two established their 2K publishing label to maintain the 2K brand, moving several planned games from their budget software label, Global Star, to 2K. Securities and Exchange Commission (SEC) had begun examining Take-Two's business records, based on complaints filed from 2001 that Take-Two's earnings did not seem to match figures of game sales reported by NPD Group.Take-Two further realigned the other existing internal studios — Indie Built, Venom Games, Pop Top Software and Frog City Software, and Take-Two Licensing — within this new structure. The SEC's formal complaint found the company had purported sold product to distributors as a "parking transaction" for a quarter, as to artificially increase their revenues for investors, which it estimated was a .The company completed its initial public offering (IPO) on April 15, 1997, being listed under the ticker symbol TTWO on the NASDAQ stock exchange.The additional funds allowed Take-Two to acquire Game Tek's European operations, their interal Alternative Reality Technology studio, which included Game Tek Canada (later renamed Rockstar Toronto), and the distribution rights to Game Tek's Dark Colony, Jeopardy! Additionally, the company acquired Inventory Management Systems, Creative Alliance Group, and Alliance Inventory Management, three video game distribution companies that would help extend Take-Two's reach into the retail market.While Brant had worked for his father on business matters for Interview, he wanted to forge his own path, deciding to create a video game publishing company.
Take-Two Interactive was founded on September 30, 1993, by Ryan Brant, the son of Interview co-owner Peter Brant.Take-Two's portfolio includes numerous successful video game series across personal computer and video game consoles, including Bio Shock, Borderlands, Civilization, Grand Theft Auto, NBA 2K, Red Dead, and XCOM.As of March 2018, it is the third-largest publicly traded game company in the Americas and Europe after Activision Blizzard and Electronic Arts, with an estimated market cap of Take-Two was founded by Ryan Brant in September 1993, looking to become a major publisher in the video game area.A separate investigation by the SEC found further issues with Brant and two other executives of the company in 2007.In an industry-wide sweep against options backdating (receiving shares when they are priced high but backdating their ownership to when they were priced low), the SEC had found Brant had received backdating options of over 2.1 million shares, though he had excised all options upon his 2006 resignation.