A group of investors seek to turn around the struggling video game company by shaking up the board of investors. Some analysts, however, don't seem to be convinced that a board change will make up the difference in the company's shortfalls.

Shares of video game publisher Take-Two Interactive Software Inc. jumped more than 17 percent Wednesday after an investor group unveiled plans to replace the board.

The investor group, consisting of OppenheimerFunds Inc., DE Shaw Valence Portfolios LLC, SAC Capital Management LLC and Tudor Investment Corp., plans to nominate and vote for a slate of six director candidates at Take-Two's annual shareholder meeting on March 23, according to a Wednesday regulatory filing.