More news on activist hedge funds;

"A group of high-profile hedge funds that collectively control about 46% of Take-Two Interactive Software has launched a proxy battle to "review the employment status" of CEO Paul Eibeler and CFO Karl Winters."

Rest of the story here.

The S.E.C. has been investigating the video game company as the subject of a criminal investigation. Their stocks have been dropping for awhile now, the hedge funds saw the opportunity and made the regulatory filing. Since then the stocks have risen nearly 8%, from $1.34, to $18.95 a share.