Take-Two disclosed the news in a filing to the Securities Exchange Commission. The stockholder, Michael Maulano, filed the complaint on April 11th against Take-Two and its eight-member Board in the Supreme Court of the State of New York, where the publisher has its HQ.
Maulano calls Take-Two's tactics a ‘breach of fiduciary duty’, and alleges that Take-Two's responses to EA's offer - which came in at $26 per share - contained ‘misleading and incomplete’ information.
Maulano is claiming 'declaratory relief, preliminary and permanent injunctive relief, damages, and reasonable attorneys' fees and litigation expenses'.
It is unclear how many other Take Two investors, if any, are part of Maulano's class action suit.
Take-Two said in its disclosure: 'The Company and its Board of Directors believe these claims lack merit, and intend vigorously to defend against them.'
The 'cat and mouse' financial game that has been taking place between EA and Take Two is set to be concluded this week, beginning with the latter’s annual shareholder meeting in New York today, at 6pm NY time (tomorrow morning UK time) – a day before EA’s bid expires.