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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000902664-06-001576.txt : 20060524
<SEC-HEADER>0000902664-06-001576.hdr.sgml : 20060524
<ACCEPTANCE-DATETIME>20060523203942
ACCESSION NUMBER:		0000902664-06-001576
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20060524
DATE AS OF CHANGE:		20060523

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAVITY Co., Ltd.
		CENTRAL INDEX KEY:			0001313310
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			M5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-80768
		FILM NUMBER:		06862728

	BUSINESS ADDRESS:	
		STREET 1:		14/F MERITZ TOWER, 825-2 YEOKSAM-DONG
		STREET 2:		GANGNAM-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			135-934
		BUSINESS PHONE:		82-2-2019-6000

	MAIL ADDRESS:	
		STREET 1:		14/F MERITZ TOWER, 825-2 YEOKSAM-DONG
		STREET 2:		GANGNAM-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			135-934

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAMIUS CAPITAL GROUP LLC
		CENTRAL INDEX KEY:			0001050154
		IRS NUMBER:				133937658
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		666 THIRD AVENUE
		STREET 2:		26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128457900

	MAIL ADDRESS:	
		STREET 1:		666 THIRD AVENUE
		STREET 2:		26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>sc13da.txt
<DESCRIPTION>GRAVITY CO., LTD.
<TEXT>



                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ----------------------

                                  SCHEDULE 13D
                    Under the Securities Exchange Act of 1934
                               (Amendment No. 2)*

                                Gravity Co., Ltd.
                                (Name of Issuer)

                    Common Stock, Par Value Won 500 Per Share
                         (Title of Class of Securities)

                                    38911N107
                                 (CUSIP Number)

                                 Marran Ogilvie
                                666 Third Avenue
                                   26th Floor
                            New York, New York 10017
                                 (212) 845-7909
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                  May 23, 2006

             (Date of Event which Requires Filing of this Statement)


     If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].


     NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.

                              (Page 1 of 30 Pages)
- ----------------
     *The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.

     The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).


<PAGE>


CUSIP No. 38911N107                 13D                    Page 2 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Starboard Value and Opportunity Master Fund Ltd.

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            WC

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            Cayman Islands

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    46,185.25
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    0
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    46,185.25
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    0

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            46,185.25

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            0.66%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            CO
- -----------------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

CUSIP No. 38911N107                 13D                    Page 3 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Parche, LLC                                    20-0870632

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            WC

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            Delaware

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    67,619
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    0
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    67,619
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    0

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            67,619

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            0.97%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            OO
- -----------------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

CUSIP No. 38911N107                 13D                    Page 4 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            RCG Ambrose Master Fund, Ltd.

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            WC

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            Cayman Islands

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    40,802
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    0
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    40,802
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    0

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            40,802

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            0.59%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            CO
- -----------------------------------------------------------------------------
                     ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

CUSIP No. 38911N107                 13D                    Page 5 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            RCG Halifax Fund, Ltd.

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            WC

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            Cayman Islands

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    41,271.25
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    0
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    41,271.25
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    0

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            41,271.25

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            0.59%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            CO
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>
CUSIP No. 38911N107                 13D                    Page 6 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Ramius Master Fund, Ltd.

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            WC

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            Cayman Islands

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    144,595.75
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    0
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    144,595.75
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    0

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            144,595.75

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            2.08%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            CO
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

CUSIP No. 38911N107                 13D                    Page 7 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Ramius Fund III, Ltd

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            WC

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            Cayman Islands

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    5,960.5
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    0
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    5,960.5
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    0

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            5,960.5

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            0.09%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            CO
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

CUSIP No. 38911N107                 13D                    Page 8 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Admiral Advisors, LLC                        37-1484525

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            WC

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            Delaware

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    113,804.25
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    0
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    113,804.25
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    0

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            113,804.25

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            1.64%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            IA, OO
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!



<PAGE>
CUSIP No. 38911N107                 13D                    Page 9 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Ramius Advisors, LLC                       13-3954331

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            WC

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            Delaware

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    150,556.25
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    0
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    150,556.25
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    0

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            150,556.25

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            2.17%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            IA, OO
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>
CUSIP No. 38911N107                 13D                   Page 10 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Safe Harbor Master Fund, L.P.

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            WC

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            Cayman Islands

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    155,077.75
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    0
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    155,077.75
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    0

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            155,077.75
- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            2.23%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            PN
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>
CUSIP No. 38911N107                 13D                   Page 11 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Safe Harbor Investment Ltd.

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            WC

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            Cayman Islands

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    155,077.75
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    0
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    155,077.75
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    0

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            155,077.75

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            2.23%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            CO
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>
CUSIP No. 38911N107                 13D                   Page 12 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Ramius Capital Group, L.L.C.                13-3937658

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            OO

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            Delaware

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    501,511.50
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    0
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    501,511.50
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    0

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            501,511.50

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            7.22%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            IA, OO
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>
CUSIP No. 38911N107                 13D                   Page 13 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            C4S & Co., L.L.C.                             13-3946794

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            OO

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            Delaware

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    501,511.50
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    0
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    501,511.50
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    0

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            501,511.50

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            7.22%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            OO
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>
CUSIP No. 38911N107                 13D                   Page 14 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Peter A. Cohen

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            OO

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            United States

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    0
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    501,511.50
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    0
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    501,511.50

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            501,511.50

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            7.22%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            IN
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>
CUSIP No. 38911N107                 13D                   Page 15 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Morgan B. Stark

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            OO

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            United States

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    0
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    501,511.50
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    0
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    501,511.50

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            501,511.50

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            7.22%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            IN
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>
CUSIP No. 38911N107                 13D                   Page 16 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Thomas W. Strauss

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            OO

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            United States

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    0
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    501,511.50
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    0
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    501,511.50

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            501,511.50

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            7.22%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            IN
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>
CUSIP No. 38911N107                 13D                   Page 17 of 28 Pages

- -----------------------------------------------------------------------------
     (1)    NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS.
            OF ABOVE PERSONS (ENTITIES ONLY)

            Jeffrey M. Solomon

- -----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [X]
                                                                  (b)  [ ]

- -----------------------------------------------------------------------------
     (3)    SEC USE ONLY

- -----------------------------------------------------------------------------
     (4)    SOURCE OF FUNDS **
            OO

- -----------------------------------------------------------------------------
     (5)    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
            REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)                       [ ]

- -----------------------------------------------------------------------------
     (6)    CITIZENSHIP OR PLACE OF ORGANIZATION
            United States

- -----------------------------------------------------------------------------
NUMBER OF      (7)  SOLE VOTING POWER
                    0
SHARES         --------------------------------------------------------------

BENEFICIALLY   (8)  SHARED VOTING POWER
                    501,511.50
OWNED BY       --------------------------------------------------------------

EACH           (9)  SOLE DISPOSITIVE POWER
                    0
REPORTING      --------------------------------------------------------------

PERSON WITH    (10) SHARED DISPOSITIVE POWER
                    501,511.50

- -----------------------------------------------------------------------------
     (11)   AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
            501,511.50

- -----------------------------------------------------------------------------
     (12)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (11) EXCLUDES CERTAIN SHARES **                       [ ]

- -----------------------------------------------------------------------------
     (13)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (11)
            7.22%

- -----------------------------------------------------------------------------
     (14)   TYPE OF REPORTING PERSON **
            IN
- -----------------------------------------------------------------------------
                    ** SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

CUSIP No. 38911N107                 13D                   Page 18 of 28 Pages

This Amendment No. 2 ("Amendment No. 1") amends the statement on Schedule 13D
dated March 28, 2006 as amended by Amendment No. 1 dated May 2, 2006 (the
"Original Statement"). Any capitalized terms used in this Amendment No. 2 and
not otherwise defined herein shall have the meanings ascribed to such terms in
the Original Statement.

Item 4.   Purpose of the Transaction.

Item 4 is hereby amended and supplemented by the addition of the following:

On May 23, 2006, the Committee sent a letter to the chief executive officer and
board of directors of Gravity demanding that a special committee, consisting of
independent directors and a shareholder representative chosen by the Committee,
be formed to examine alternatives for maximizing the value of the Japan Ragnarok
franchise.

In the letter, the Committee asked the board, among other things, to consider
(i) auctioning the Japan Ragnarok license that expires in August 2006 for
maximum value to interested third parties, including GungHo, or (ii) allowing
the license to expire, creating a Japanese subsidiary to directly offer Ragnarok
in Japan and listing the subsidiary on one of the Japanese stock exchanges. The
Committee expects to discuss this issue with Gravity and will take whatever
steps are necessary to ensure that the value of the Japan Ragnoarok franchise is
realized for the benefit of all Gravity shareholders.

The Committee is issuing a press release regarding this letter. A copy of the
press release, which includes the text of the letter, is attached as Exhibit IV
hereto and is incorporated by reference herein.


<PAGE>

CUSIP No. 38911N107                 13D                   Page 19 of 28 Pages


Item 5.   Interest in Securities of the Issuer.

Item 5 is hereby amended and supplemented by the addition of the following:

Transactions in the Common Stock since the filing of the Original Statement
(which were all in the open market unless otherwise noted on Schedule F-2) by
the Reporting Persons are set forth in Schedule F-2 attached hereto and
incorporated by reference herein.


          1.  Starboard

                    (a) As of the date of this filing, Starboard may be deemed
                        the beneficial owner of 46,185.25 shares of Common
                        Stock.

                        Percentage: Approximately 0.66% as of the date hereof.
                        The percentages used herein and in the rest of Item 5
                        are calculated based upon 6,948,900 shares, which
                        reflects the shares of Common Stock outstanding as of
                        December 31, 2004, as reported by the Company on its
                        Form 20-F filed on June 30, 2005.

                    (b) 1. Sole power to vote or direct vote: 46,185.25
                        2. Shared power to vote or direct vote: 0
                        3. Sole power to dispose or direct the disposition:
                             46,185.25
                        4. Shared power to dispose or direct the disposition: 0

                    (c) The number of shares of Common Stock acquired by
                        Starboard since the filing of the Original Statement is
                        set forth in Schedule F-2 and is incorporated by
                        reference. Starboard entered into transactions in the
                        Common Stock since the filing of the Original Statement
                        which are set forth on Schedule F-2.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,
                        such shares of the Common Stock.

                    (e) Not applicable.

          2.  Parche

                    (a) As of the date of this filing, Parche may be deemed the
                        beneficial owner of 67,619 shares of Common Stock.

                        Percentage: Approximately 0.97% as of the date hereof.

                    (b) 1. Sole power to vote or direct vote: 67,619
                        2. Shared power to vote or direct vote: 0


<PAGE>

CUSIP No. 38911N107                 13D                   Page 20 of 28 Pages

                        3. Sole power to dispose or direct the disposition:
                             67,619
                        4. Shared power to dispose or direct the disposition: 0

                    (c) The number of shares of Common Stock acquired by Parche
                        since the filing of the Original Statement is set forth
                        in Schedule F-2 and is incorporated by reference. Parche
                        entered into transactions in the Common Stock since the
                        filing of the Original Statement which are set forth on
                        Schedule F-2.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,
                        such shares of the Common Stock.

                    (e) Not applicable.

         3.   RCG Ambrose

                    (a) As of the date of this filing, RCG Ambrose may be deemed
                        the beneficial owner of 40,802 shares of Common
                        Stock.

                        Percentage: Approximately 0.59% as of the date hereof.

                    (b) 1. Sole power to vote or direct vote: 40,802
                        2. Shared power to vote or direct vote: 0
                        3. Sole power to dispose or direct the disposition:
                             40,802
                        4. Shared power to dispose or direct the disposition: 0

                    (c) The number of shares of Common Stock acquired by RCG
                        Ambrose since the filing of the Original Statement is
                        set forth in Schedule F-2 and is incorporated by
                        reference. RCG Ambrose entered into transactions in the
                        Common Stock since the filing of the Original Statement
                        which are set forth on Schedule F-2.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,
                        such shares of the Common Stock.

                    (e) Not applicable.

          4.  RCG Halifax

                    (a) As of the date of this filing, RCG Halifax may be
                        deemed the beneficial owner of 41,271.25 shares of
                        Common Stock.

                        Percentage: Approximately 0.59% as of the date hereof.

                    (b) 1. Sole power to vote or direct vote: 41,271.25
                        2. Shared power to vote or direct vote: 0
                        3. Sole power to dispose or direct the disposition:
                             41,271.25
                        4. Shared power to dispose or direct the disposition: 0


<PAGE>


CUSIP No. 38911N107                 13D                   Page 21 of 28 Pages

                    (c) The number of shares of Common Stock acquired by RCG
                        Halifax since the filing of the Original Statement is
                        set forth in Schedule F-2 and is incorporated by
                        reference. RCG Halifax entered into transactions in the
                        Common Stock since the filing of the Original Statement
                        which are set forth on Schedule F-2.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,
                        such shares of the Common Stock.

                    (e) Not applicable.


          5.  Ramius Master Fund

                    (a) As of the date of this filing, Ramius Master Fund may be
                        deemed the beneficial owner of 144,595.75 shares of
                        Common Stock.

                        Percentage: Approximately 2.08% as of the date hereof.

                    (b) 1. Sole power to vote or direct vote: 144,595.75
                        2. Shared power to vote or direct vote: 0
                        3. Sole power to dispose or direct the disposition:
                             144,595.75
                        4. Shared power to dispose or direct the disposition: 0

                    (c) The number of shares of Common Stock acquired by Ramius
                        Master Fund since the filing of the Original Statement
                        is set forth in Schedule F-2 and is incorporated by
                        reference. Ramius Master Fund entered into transactions
                        in the Common Stock since the filing of the Original
                        Statement which are set forth on Schedule F-2.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,
                        such shares of the Common Stock.

                    (e) Not applicable.

          6.  Ramius Fund III

                    (a) As of the date of this filing, Ramius Fund III may be
                        deemed the beneficial owner of 5,960.5 shares of Common
                        Stock.

                        Percentage: Approximately 0.09% as of the date hereof.

                    (b) 1. Sole power to vote or direct vote: 5,960.5
                        2. Shared power to vote or direct vote: 0
                        3. Sole power to dispose or direct the disposition:
                             5,960.5
                        4. Shared power to dispose or direct the disposition: 0


<PAGE>

CUSIP No. 38911N107                 13D                   Page 22 of 28 Pages

                    (c) The number of shares of Common Stock acquired by Ramius
                        Fund III since the filing of the Original Statement is
                        set forth in Schedule F-2 and is incorporated by
                        reference. Ramius Fund III entered into transactions in
                        the Common Stock since the filing of the Original
                        Statement which are set forth on Schedule F-2.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,
                        such shares of the Common Stock.

                    (e) Not applicable.

          7.  Admiral

                    (a) As of the date of this filing, Admiral may be deemed the
                        beneficial owner of 113,804.25 shares of Common Stock.

                        Percentage: Approximately 1.64% as of the date hereof.

                    (b) 1. Sole power to vote or direct vote: 113,804.25
                        2. Shared power to vote or direct vote: 0
                        3. Sole power to dispose or direct the disposition:
                             113,804.25
                        4. Shared power to dispose or direct the disposition: 0

                    (c) Admiral did not enter into any transactions in the
                        Common Stock since the filing of the Original Statement.
                        The transactions in the Common Stock since the filing of
                        the Original Statement on behalf of Starboard and
                        Parche, which were all in the open market (except as
                        otherwise indicated on Schedule F-2), are set forth in
                        Schedule F-2, and are incorporated by reference.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,
                        such shares of the Common Stock.

                    (e) Not applicable.

          8.  Ramius Advisors

                    (a) As of the date of this filing, Ramius Advisors may be
                        deemed the beneficial owner of 150,556.25 shares of
                        Common Stock.

                        Percentage: Approximately 2.17% as of the date hereof.

                    (b) 1. Sole power to vote or direct vote: 150,556.25
                        2. Shared power to vote or direct vote: 0
                        3. Sole power to dispose or direct the disposition:
                             150,556.25
                        4. Shared power to dispose or direct the


<PAGE>

CUSIP No. 38911N107                 13D                   Page 23 of 28 Pages

                           disposition: 0

                    (c) Ramius Advisors did not enter into any transactions in
                        the Common Stock since the filing of the Original
                        Statement. The transactions in the Common Stock since
                        the filing of the Original Statement on behalf of Ramius
                        Master Fund and Ramius Fund III, which were all in the
                        open market (except as otherwise indicated on Schedule
                        F-2), are set forth in Schedule F-2, and are
                        incorporated by reference.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,
                        such shares of the Common Stock.

                    (e) Not applicable.

          9.  Safe Harbor Master Fund

                    (a) As of the date of this filing, Safe Harbor Master Fund
                        may be deemed the beneficial owner of 155,077.75 shares
                        of Common Stock.

                        Percentage: Approximately 2.23% as of the date hereof.

                    (b) 1. Sole power to vote or direct vote: 155,077.75
                        2. Shared power to vote or direct vote: 0
                        3. Sole power to dispose or direct the disposition:
                             155,077.75
                        4. Shared power to dispose or direct the disposition: 0

                    (c) The number of shares of Common Stock acquired by Safe
                        Harbor Master Fund is set forth in Schedule F-2 and is
                        incorporated by reference. Safe Harbor Master Fund
                        entered into transactions in the Common Stock since the
                        filing of the Original Statement which are set forth on
                        Schedule F-2.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,
                        such shares of the Common Stock.

                    (e) Not applicable.

          10. Safe Harbor Investment

                    (a) As of the date of this filing, Safe Harbor Investment
                        may be deemed the beneficial owner of 155,077.75 shares
                        of Common Stock.

                        Percentage: Approximately 2.23% as of the date hereof.

                    (b) 1. Sole power to vote or direct vote: 155,077.75
                        2. Shared power to vote or direct vote: 0
                        3. Sole power to dispose or direct the disposition:

<PAGE>

CUSIP No. 38911N107                 13D                   Page 24 of 28 Pages

                             155,077.75
                        4. Shared power to dispose or direct the disposition: 0

                    (c) Safe Harbor Investment did not enter into any
                        transactions in the Common Stock since the filing of the
                        Original Statement. The transactions in the Common Stock
                        since the filing of the Original Statement on behalf of
                        Safe Harbor Master Fund, which were all in the open
                        market (except as otherwise indicated on Schedule F-2),
                        are set forth in Schedule F-2, and are incorporated by
                        reference.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,
                        such shares of the Common Stock.

                    (e) Not applicable.

          11. Ramius Capital

                    (a) As of the date of this filing, Ramius Capital may be
                        deemed the beneficial owner of 501,511.50 shares of
                        Common Stock.

                        Percentage: Approximately 7.22% as of the date hereof.

                    (b) 1. Sole power to vote or direct vote: 501,511.50
                        2. Shared power to vote or direct vote: 0
                        3. Sole power to dispose or direct the disposition:
                             501,511.50
                        4. Shared power to dispose or direct the disposition: 0

                    (c) Ramius Capital did not enter into any transactions in
                        the Common Stock since the filing of the Original
                        Statement. The transactions in the Common Stock since
                        the filing of the Original Statement on behalf of
                        Starboard, Parche, RCG Ambrose, RCG Halifax, Ramius
                        Master Fund, Ramius Fund III and Safe Harbor Master
                        Fund, which were all in the open market (except as
                        otherwise indicated on Schedule F-2), are set forth in
                        Schedule F-2, and are incorporated by reference.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,
                        such shares of the Common Stock.

                    (e) Not applicable.

          12. C4S

                    (a) As of the date of this filing, C4S may be deemed the
                        beneficial owner of 501,511.50 shares of Common Stock.

                        Percentage: Approximately 7.22% as of the date hereof.

                    (b) 1. Sole power to vote or direct vote: 501,511.50

<PAGE>

CUSIP No. 38911N107                 13D                   Page 25 of 28 Pages

                        2. Shared power to vote or direct vote: 0
                        3. Sole power to dispose or direct the disposition:
                             501,511.50
                        4. Shared power to dispose or direct the disposition: 0

                    (c) C4S did not enter into any transactions in the Common
                        Stock since the filing of the Original Statement. The
                        transactions in the Common Stock since the filing of the
                        Original Statement on behalf of Starboard, Parche, RCG
                        Ambrose, RCG Halifax, Ramius Master Fund, Ramius Fund
                        III and Safe Harbor Master Fund, which were all in the
                        open market (except as otherwise indicated on Schedule
                        F-2), are set forth in Schedule F-2, and are
                        incorporated by reference.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,
                        such shares of the Common Stock.

                    (e) Not applicable.

          13. Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon

                    (a) As of the date of this filing, each of Mr. Cohen, Mr.
                        Stark, Mr. Strauss and Mr. Solomon may be deemed the
                        beneficial owner of 501,511.50 shares of Common Stock.
                        Each of Mr. Cohen, Mr. Stark, Mr. Strauss and Mr.
                        Solomon disclaims beneficial ownership of the shares of
                        Common Stock owned by Starboard, Parche, RCG Ambrose,
                        RCG Halifax, Ramius Master Fund, Ramius Fund III and
                        Safe Harbor Master Fund, and the filing of this Schedule
                        13D shall not be construed as an admission that any such
                        person is the beneficial owner of any such securities.

                        Percentage: Approximately 7.22% as of the date hereof.

                    (b) 1. Sole power to vote or direct vote: 0
                        2. Shared power to vote or direct vote: 501,511.50
                        3. Sole power to dispose or direct the disposition: 0
                        4. Shared power to dispose or direct the disposition:
                             501,511.50

                    (c) Neither Mr. Cohen, Mr. Stark, Mr. Strauss nor Mr.
                        Solomon has entered into any transactions in the Common
                        Stock since the filing of the Original Statement. The
                        transactions in the Common Stock since the filing of the
                        Original Statement on behalf of Starboard, Parche, RCG
                        Ambrose, RCG Halifax, Ramius Master Fund, Ramius Fund
                        III and Safe Harbor Master Fund, which were all in the
                        open market (except as otherwise indicated on Schedule
                        F-2), are set forth in Schedule F-2, and are
                        incorporated by reference.

                    (d) No person other than the Reporting Persons is known to
                        have the right to receive, or the power to direct the
                        receipt of dividends from, or proceeds from the sale of,

<PAGE>

CUSIP No. 38911N107                 13D                   Page 26 of 29 Pages

                        such shares of the Common Stock.

                    (e) Not applicable.

     Upon information and belief, as of the close of business on May 23, 2006,
Moon may be deemed to beneficially own 549,296 shares of Common Stock,
105,971 of which, representing approximately 1.53% of its beneficial ownership,
are owned directly in the form of Common Stock and 443,325 of which,
representing approximately 6.38% of its beneficial ownership, are owned in the
form of ADSs.

Item 7.  Material to be Filed as Exhibits.

     Item 7 is hereby amended to add the following Exhibit:

Exhibit IV - Press Release being issued May 24, 2006 including the Letter sent
on May 23, 2006 by the Gravity Committee for the Fair Treatment of Minority
Shareholders to I1-Young Ryu, Chairman and Chief Executive Officer of Gravity
and the Board of Directors of Gravity.

<PAGE>

CUSIP No. 38911N107                 13D                   Page 27 of 28 Pages


                                  SCHEDULE F-2
                            PURCHASES OF COMMON STOCK

                                        Date           Price             Qua(1)
RCG Ambrose Master Fund, Ltd.         5/4/2006         $8.0929           2,585
                                      5/8/2006          8.0002           1,118
                                      5/9/2006          8.1323           1,522
                                     5/10/2006          8.1510              97
                                     5/10/2006          8.2314             873
                                     5/15/2006          8.1635           2,465
                                     5/15/2006          7.8400             143
                                     5/16/2006          8.2233              47
                                     5/22/2006          8.4458           1,252

RCG Halifax Fund, Ltd.                5/4/2006         $8.0929           2,585
                                      5/8/2006          8.0002           1,118
                                      5/9/2006          8.1323           1,553
                                     5/10/2006          8.1510              99
                                     5/10/2006          8.2314             891
                                     5/15/2006          8.1635           2,515
                                     5/15/2006          7.8400             146
                                     5/16/2006          8.2233              48
                                     5/22/2006          8.4458           1,277

Parche, LLC                           5/4/2006         $8.0929           5,686
                                      5/4/2006          8.0929             510
                                      5/8/2006          8.0002           2,459
                                      5/8/2006          8.0002             324
                                      5/9/2006          8.1323           2,206
                                      5/9/2006          8.1323             652
                                     5/10/2006          8.1510             141
                                     5/10/2006          8.1510              42
                                     5/10/2006          8.2314           1,266
                                     5/10/2006          8.2314             379
                                     5/15/2006          8.1635           3,572
                                     5/15/2006          8.1635           1,057
                                     5/15/2006          7.8400             207
                                     5/15/2006          7.8400              60
                                     5/16/2006          8.2233              68
                                     5/16/2006          8.2233              20
                                     5/22/2006          8.4458           1,814
                                     5/22/2006          8.4458             537

Ramius Master Fund, Ltd.              5/4/2006         $8.0929          14,216
                                      5/8/2006          8.0002           6,147
                                      5/9/2006          8.1323           5,313
                                     5/10/2006          8.1510             338
                                     5/10/2006          8.2314           3,048
                                     5/15/2006          8.1635           8,602
                                     5/15/2006          7.8400             498
                                     5/16/2006          8.2233             164
                                     5/22/2006          8.4458           4,369

Ramius Fund III, Ltd.                 5/4/2006         $8.0929             775
                                      5/8/2006          8.0002             335
                                      5/9/2006          8.1323             311
                                     5/10/2006          8.1510              20
                                     5/10/2006          8.2314             178
                                     5/15/2006          8.1635             503
                                     5/15/2006          7.8400              29
                                     5/16/2006          8.2233              10
                                     5/22/2006          8.4458             255

Safe Harbor Master Fund L.P.          5/4/2006         $8.0929           8,952
                                      5/8/2006          8.0002           5,689
                                      5/9/2006          8.1323          11,651
                                     5/10/2006          8.1510             741
                                     5/10/2006          8.2314           6,686
                                     5/15/2006          8.1635          18,865
                                     5/15/2006          7.8400           1,091
                                     5/16/2006          8.2233             361
                                     5/22/2006          8.4458           9,581

Starboard Value and Opportunity
Master Fund Ltd.                      5/4/2006          8.0929           2,691
                                      5/8/2006          8.0002           1,710
                                      5/9/2006          8.1323           3,480
                                     5/10/2006          8.1510             222
                                     5/10/2006          8.2314           1,991
                                     5/15/2006          8.1635           5,634
                                     5/15/2006          7.8400             326
                                     5/16/2006          8.2233             108
                                     5/22/2006          8.4458           2,861

(1) The Reporting Persons purchased ADS, each of which represents .25 shares
of Common Stock.


<PAGE>

CUSIP No. 38911N107                 13D                   Page 28 of 28 Pages

                                   SIGNATURES

               After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.


Dated:   May 23, 2006

STARBOARD VALUE AND OPPORTUNITY               RAMIUS MASTER FUND, LTD.
MASTER FUND LTD.                              By: Ramius Advisors, LLC
                                                  its investment manager
PARCHE, LLC                                   By: Ramius Capital Group, L.L.C.
By: Admiral Advisors, LLC, its                    its managing member
managing member
                                              RAMIUS FUND III, LTD
RCG AMBROSE MASTER FUND, LTD.                 By:  Ramius Advisors, LLC
By: Ramius Capital Group, L.L.C.,                  its investment manager
    its investment manager                    By:  Ramius Capital Group, LLC
By: C4S & Co., L.L.C.,                             its managing member
    its managing member
                                              ADMIRAL ADVISORS, LLC
RCG HALIFAX FUND, LTD.                        By: Ramius Capital Group, L.L.C.,
By: Ramius Capital Group, L.L.C.,                 its managing member
    its investment manager
By: C4S & Co., L.L.C.,                        RAMIUS ADVISORS, LLC
    its managing member                       By: Ramius Capital Group, L.L.C.,
                                              its managing member

                                              RAMIUS CAPITAL GROUP, L.L.C.
                                              By: C4S & Co., L.L.C.,
                                                  as managing member

                                              C4S & CO., L.L.C.


                         By: /s/ Jeffrey M. Solomon
                             -------------------------------
                             Name:  Jeffrey M. Solomon
                             Title: Authorized Signatory

SAFE HARBOR MASTER FUND, L.P.                 SAFE HARBOR INVESTMENT LTD.

By: Safe Harbor Investment Ltd.,              By: /s/ Jeffrey M. Solomon
its general partner                              ----------------------------
                                                 Name:  Jeffrey M. Solomon
By: /s/ Jeffrey M. Solomon                       Title: Authorized Signatory
    ----------------------------
Name:  Jeffrey M. Solomon
Title: Authorized Signatory

JEFFREY M. SOLOMON

/s/ Jeffrey M. Solomon
- --------------------------------
Individually and as attorney-in-
fact for Peter A. Cohen, Morgan
B. Stark and Thomas W. Strauss



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exh.txt
<DESCRIPTION>EXHIBIT IV
<TEXT>
FOR IMMEDIATE RELEASE

CONTACT INFORMATION:

Korean Media & Shareholders:                U.S. Media & Shareholders:
Mr. Joo Young Kim, Esq.                     Dan Gagnier/Renee Soto
Hannuri Law Offices                         Citigate Sard Verbinnen
(82) 2-537-9506                             212-687-8080


 GRAVITY SHAREHOLDERS DEMAND FORMATION OF SPECIAL COMMITTEE TO EVALUATE
                  ALTERNATIVES FOR MAXIMIZING SHAREHOLDER VALUE

COMMITTEE URGES GRAVITY TO EXPLORE OPTIONS FOR JAPAN RAGNAROK LICENSE INCLUDING
             THIRD PARTY AUCTION OR CREATION OF JAPANESE SUBSIDIARY

NEW YORK, NY AND SEOUL, KOREA - MAY 24, 2006 -- The Gravity Committee for the
Fair Treatment of Minority Shareholders (the "Committee") today demanded that
Gravity Co., Ltd ("Gravity") (Nasdaq: GRVY) establish a special committee to be
comprised of independent directors and a shareholder representative of the
Committee's choosing to examine alternatives for maximizing the value of
Gravity's popular online game Ragnarok.

Ragnarok, one of the most popular online games in Japan, is currently offered in
the Japanese market under license to GungHo Online Entertainment ("GungHo") (JP:
3765). In August 2006, GungHo's license for Ragnarok will expire. The resulting
license renewal process presents Gravity with the opportunity to maximize the
value of Ragnarok franchise in Japan through an independent, fair process.

The Committee has asked the Board, through a special committee, to examine two
specific scenarios: (1) auction the Japan Ragnarok license for maximum value to
interested third parties including GungHo, or (2) allow the license to expire,
create a Japanese subsidiary to directly offer Ragnarok in Japan, and list the
subsidiary on one of the Japanese stock exchanges. Regardless of which path is
chosen, the Committee believes the Japan Ragnarok franchise is worth
substantially more now than when GungHo signed the original licensing agreement
in 2002.

The Committee expects to discuss this issue with Gravity and will take whatever
steps are necessary to ensure that the value of the Japan Ragnarok franchise is
realized for the benefit of all Gravity shareholders.

The Committee was formed in March 2006 by Moon Capital Management LP and Ramius
Capital Group, L.L.C. to protect the rights of minority shareholders of Gravity
and to maximize shareholder value. The Committee has retained Hannuri Partners
as legal counsel in Korea. Certain members of the Committee have retained
Schulte Roth & Zabel LLP and Chadbourne & Parke LLP as legal counsel in the
United States.

ABOUT RAMIUS CAPITAL GROUP, L.L.C.
Ramius Capital Group is a registered investment advisor that manages assets of
approximately $7.4 billion in a variety of alternative investment strategies.
Ramius Capital Group is headquartered in New York with offices located in
London, Tokyo, Hong Kong, Munich, and Vienna.

ABOUT MOON CAPITAL MANAGEMENT LP
Moon Capital Management LP, on behalf of its affiliated investment funds,
manages more than $1 billion, investing primarily in equity securities in
markets around the world. Headquartered in New York, Moon Capital also has
offices in Singapore.


<PAGE>

The full text of the letter follows:

Dear Mr. Ryu and the Board of Directors of Gravity:

As you know, in August, GungHo's license for Ragnarok will expire. The resulting
license renewal process presents Gravity with the opportunity to maximize the
value of the Japan Ragnarok license and improve Gravity's corporate value. The
Gravity Committee for the Fair Treatment of Minority Shareholders (the
"Committee") believes this opportunity is critical to the success of Gravity and
the interests of all Gravity shareholders. As we explain in detail below, we
believe that the only way to ensure that this value maximization process is
conducted in an appropriate manner is to create a special committee of the
Gravity Board, comprised of independent directors and a shareholder
representative of our choosing, to oversee this process.

Ragnarok continues to be one of the most popular online games in Japan with peak
concurrent users of approximately 105,000. The popularity of the Ragnarok
characters has also reached cult status and we believe Ragnarok 2 is one of the
most awaited games in 2006. With the continued growth of the Japanese market for
online gaming and the strength of the Ragnarok franchise in Japan, the Ragnarok
license commands increased strategic value that the Committee believes should be
realized for all Gravity shareholders.

We urge the board to actively explore ways to maximize the value of the Japan
Ragnarok franchise. Specifically, we ask that the Board, through a special
committee, examine two scenarios: (1) auctioning the Japan Ragnarok license for
maximum value to interested third parties including GungHo, or (2) allowing the
license to expire, creating a Japanese subsidiary to directly offer Ragnarok in
Japan and listing the subsidiary on one of the Japanese stock exchanges.

With respect to soliciting third-party bids for the license, we believe the
Board would create substantial value for Gravity shareholders through an
independent, fair auction process. License fees for established games with a
loyal subscriber base have recently garnered substantially superior terms than
those available at the time GungHo signed the original Ragnarok licensing
agreement in 2002. In addition, many companies based in Korea and Japan have
launched initiatives in the Japanese market and have either listed or plan to
list shares on a Japanese stock market. We believe these companies would be
highly interested in securing the Ragnarok license in Japan, considering that
Ragnarok now has over one million users in that country. The Committee has
compiled a list of many potential licensees that should be solicited.

The Committee also believes that a strategy where Gravity offers Ragnarok
directly in Japan without the participation of a third party licensee could
generate substantial value for Gravity shareholders. The Committee notes that
GungHo's recent enterprise value is approximately $1.1 billion versus Gravity's
recent enterprise value of $148 million. According to GungHo's 2005 financial
statements, substantially all of GungHo's revenue was derived from products
licensed from or sold and licensed to Gravity. We believe that a strategy where
Gravity forms a new Japanese subsidiary to directly offer Ragnarok could
generate a valuation of the Japanese subsidiary that by itself substantially
exceeds Gravity's current enterprise value.

Regardless of which path is chosen by the special committee of the Board, we
believe the Japan Ragnarok franchise is worth substantially more now than when
GungHo signed the original licensing agreement in 2002. The Committee firmly
believes that the best way to maximize the value of the Ragnarok franchise in
Japan is through an independent, fair process. Specifically, we demand that a
special committee be formed (the "Japan License Committee") consisting of
certain of the independent directors and a shareholder representative of our
choosing. The Japan License Committee would explore the alternatives mentioned
above and any other alternatives to maximize the value of the Japan Ragnarok
franchise for the benefit of all Gravity shareholders.


<PAGE>

We expect to have a conversation with you about the formation of the Japan
License Committee shortly and we will take whatever steps are necessary to
ensure that the value of the Japan Ragnarok franchise is realized for the
benefit of all Gravity shareholders.

Yours truly,

The Gravity Committee for the Fair Treatment of Minority Shareholders

</TEXT>
</DOCUMENT>
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