April 10, 2007 - Take-Two has had a long year -- we mean really long -- but it looks like the publisher may finally be emerging from its dark days. After last month's finalization of the formal inquiry into the company's stock option granting policies and the issuance of Take-Two's financial reports for fiscal 2006 and Q1 2007, the company today announced that it has regained compliance with NASDAQ's listing requirements. The result of all this: Take-Two's common stock will again be listed on the NASDAQ Global Select Market as usual.
"We are pleased to put this issue behind us," said Ben Feder, Take-Two's newly appointed Chief Executive Officer. "The new management team and Board of Directors intend to resolve all outstanding regulatory issues as quickly and effectively as possible."
Things have been pretty hard of late for Take-Two. Much of the board of directors was ousted recently, as were the CEO and CFO. Due to the legal expenditures related to the investigation, the company posted huge losses for last fiscal year. Hopefully, this latest development is a step in the right direction for the faltering publisher.