It isn’t surprising that dissident shareholders of Take Two Interactive Software seized control of the videogame maker’s board recently. When a company restates its financial results four times in five years and its former CEO pleads guilty to fraud, that sort of thing happens.
What is surprising is how the investor group, led by a gaggle of hedge funds, managed to pull off the boardroom coup. Rather than go through the standard process of printing and mailing proxy materials, the investors simply showed up at Take Two’s annual shareholder meeting on March 29 and, you know, voted.
