According to multiple media reports, including the New York Post and Reuters, a number of investors are attempting to oust current CEO Paul Eibeler, causing the company's shares to rise by 19 percent.
Although Grand Theft Auto, published by subsidiary Rockstar Games, has proven to be one of the most successful franchises of the previous generation Take-Two has been rocked by a string of financial issues including the recent shares stock scandal which forced out previous CEO Ryan Brant.
The issue is likely to come to ahead at the company's annual stockholders meeting on March 23rd, although most analysts appear to think that the investors will be successful and that the move will be beneficial to Take-Two.
"Replacing the board is a good thing. I think it's very healthy to flush everybody," said Wedbush Morgan analyst Michael Pachter, as quoted by Reuters. "They completely abdicated any responsibility for the oversight of the options granting policy. A more responsible board would have committed hari-kari".