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Take-Two Gets Second Delisting Notice From NASDAQ
by Brandon Boyer [PC, Console/PC]
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November 6, 2006
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For the second time since the end of September, publisher Take Two has received a non-compliance notice from NASDAQ warning that the company is in danger of delisting, if it does not disclose its overdue third-quarter results.
As with the initial notice, Take Two (owner of the Rockstar and 2K Games publishing brands, among others) has stated that the warning was anticipated, and that it has scheduled a meeting with NASDAQ on the matter.
According to an official statement frmo the company, it intends to release its overdue Q3 results "after [an internal committee] concludes its investigation of the Company's stock option grants and the Company and its independent auditors complete any related accounting review."
At the time of the initial announcement, an Associated Press story regarding the statement explained: "Take-Two is one of a growing number of companies under internal or Securities and Exchange Commission investigations for possible mishandling of stock option grants. Many companies are alleged to have backdated stock option grants to time them at share price lows, thus boosting gains on the sale of the stock."
The company's internal investigation is in addition to an official investigation launched by the SEC in July. In today's statement, Take Two said it would be releasing its financial report pending the completion of that investigation, noting it would be filed "as soon as practical", and that the company would continue to be listed on NASDAQ for the near future.
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