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Ouch - Take-Two Interactive Software to Restate Years of Historical Financials

Take-Two Interactive Software said it will need to restate several years of historical financials to record charges for compensation expenses associated with past stock option grants.

As a result, the video-game maker, known for the Grand Theft Auto franchise, said its financial statements from 1997 through April 30 this year should no longer be relied upon. The restatement plan was laid out after a special committee of Take-Two's board reported the preliminary findings of a review of the company's option awards. The committee had been established to conduct an investigation into the timing of Take-Two's option grants.

The Street

Posted by | Mon, Dec 11, 2006 - 09:48 AM