Take-Two in trouble with NASDAQ
Take-Two Interactive, publisher of the famed Grand Theft Auto series, is under pressure to complete its quarterly report. NASDAQ has filed a non-compliance on the company for failing to report its July 31, 2006 statement on time. If Take-Two fails to comply, the company may have its stocks de-listed from NASDAQ, which would cause havoc with the share prices.
Take-Two's official stance is that they wish to review their stock options before releasing the financial report, though taking over three months to do so is suspect. According to the SEC, 10-Q forms (the form Take-Two is late on) must be filed within 40 days of the end of the financial period. There's gotta be something more than a simple review of stock options going on.
Could Take-Two be shuffling around records to hide or eliminate a fraudulent transaction? Maybe the media exposure over Bully has hampered sales; TT could be stalling for time to release the bad news, hoping the share price impact is softened by strong holiday sales outlooks. In any case, Take-Two needs to get their act together or investors may look elsewhere to keep their retirement assets. If so, TT would need a mega-hit series to keep the investor's money from falling out of their pockets ... oh, wait.
