I just saw a post over at gamesindustry.biz that is saying that every ones favorite publisher, Take-Two Interactive, will be getting a visit from the friendly neighborhood Securities and Exchange Commission. According to Yahoo TTWO is currently trading at $9.67 but I'm thinking it will probably dip lower. It is said to be an 'informal' investigation - informal or not Take Two is in some trouble. Take-Two's Statement:
NEW YORK, Jul 10, 2006 (BUSINESS WIRE) -- Take-Two Interactive Software, Inc. (TTWO) today announced that the Company has received notice from the Securities and Exchange Commission that it is conducting an informal non-public investigation into certain stock option grants made by the Company from January 1997 to the present. Prior to receiving the notice, the Company had initiated an internal review of the Company's option grants, led by a committee consisting of independent board members who have retained independent legal counsel and accountants to assist in the review. The Company intends to respond to the SEC's information request and to fully cooperate in the informal investigation.