Oops! Take-Two seem to be having trouble again with NASDAQ as they’ve recently received a Staff Determination letter informing them that they are once again not in compliance with the filing requirements for listing on the NASDAQ Stock Market. I understand it’s difficult when you’re swimming in so much money, but come on folks.
Though the rumor mill lives off of Take-Two’s notoriously bad treatment of any employee not above middle management, is it really that hard to hire a team capable of actually keeping your finances inline? I guess so. But worry not, Take-Two are meeting with NASDAQ soon to clear everything up and present their plan for achieving compliance. Whew, it’s good to know TTWO management won’t have to give up their party penthouses anytime soon and can continue their poker game of life off of TTWO’s troubled dime.
Official press release from Take-Two after the jump..
NEW YORK–(BUSINESS WIRE)–Take-Two Interactive Software, Inc. (NASDAQ:TTWO – News) today announced that it has received a NASDAQ Staff Determination letter indicating that the Company is not in compliance with the filing requirements for continued listing on The NASDAQ Stock Market as set forth in Marketplace Rules 4350(e) and 4350(g). Marketplace Rules 4350(e) and 4350(g) specify that the Company timely solicit proxies and hold its annual shareholders meeting.
As previously announced, the Company received a notice of non-compliance from NASDAQ resulting from the Company’s delay in filing its Quarterly Report on Form 10-Q for the quarter ended July 31, 2006 and the Company intends to file its Quarterly Report on Form 10-Q for such quarter as soon as practical after the Special Committee concludes its investigation of the Company’s stock option grants and the Company and its independent auditors complete any related accounting review.
A meeting with the NASDAQ Listing Qualifications Panel has been scheduled and the Company intends to address its plan for regaining compliance with Marketplace Rules. The Company’s shares will remain listed under the ticker symbol TTWO on The NASDAQ Global Select Market pending a decision by the Panel.
About Take-Two Interactive Software, Inc.
Headquartered in New York City, Take-Two Interactive Software, Inc. is a global developer, marketer, distributor and publisher of interactive entertainment software games for the PC, PlayStation® game console, PlayStation®2 and PLAYSTATION®3 computer entertainment systems, PSP® (PlayStation®Portable) system, Xbox® and Xbox 360(TM) video game and entertainment systems from Microsoft, Nintendo GameCube(TM), Nintendo DS(TM) and Game Boy® Advance. The Company publishes and develops products through its wholly owned labels Rockstar Games, 2K and 2K Sports, and Global Star Software; and distributes software, hardware and accessories in North America through its Jack of All Games subsidiary. Take-Two also manufactures and markets video game accessories in Europe, North America and the Asia Pacific region through its Joytech subsidiary. The Company maintains sales and marketing offices in Cincinnati, New York, Toronto, Geneva, London, Paris, Munich, Madrid, Milan, Sydney, Breda (Netherlands), Auckland, Shanghai and Tokyo. Take-Two’s common stock is publicly traded on NASDAQ under the symbol TTWO.
Read more: Take-Two receives NASDAQ listing notice
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