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Take-Two Faces NASDAQ Delisting Over Delayed Filing

Take-Two Faces NASDAQ Delisting Over Delayed Filing

September 21, 2006 | By Jason Dobson

September 21, 2006 | By Jason Dobson
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Major game publisher Take-Two Interactive has been issued a notice from Nasdaq indicating that, since the company is late in filing its quarterly financial report, it is in danger of losing its listing on the major U.S. stock exchange.

Take-Two representatives noted that the notice was not unexpected due to the company not yet having filed its third-quarter Form 10-Q. According to the company, the delay in filing the form is a direct result of the previously announced ongoing investigation by the U.S. Securities and Exchange Commission (SEC) into the company's stock option practices.

The investigation was first confirmed in July, at which time the company, which is the parent of notable labels such as 2K Games and Rockstar Games, indicated that it had already begun an internal review of the its option grants, led by a committee consisting of independent board members, who had retained independent legal counsel and accountants to assist in the review.

Take-Two now plans to request a hearing with the Nasdaq Listing Qualifications Panel to "review the determination," and intends to file its Form 10-Q "as soon as practical" following the internal investigation and review of and findings.

The news comes as the latest in a string of legal troubles for the company and its subsidiaries, which have over the past year been subpoenaed by a grand jury, investigated by the Federal Trade Commission, and accused in several class action suits, much of which stemmed from the infamous Grand Theft Auto: San Andreas "Hot Coffee" affair.


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