Take-Two Interactive Software,
Inc. Announces Final Settlement with SEC
New York, NY – June 9, 2005 –
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced that the
Securities and Exchange Commission (SEC) has accepted the Company’s previously
announced settlement offer, thereby concluding the SEC’s investigation of
Take-Two.
Without admitting or denying any
wrongdoing, the Company has agreed to consent to the entry of an order enjoining
it from future violations of specified provisions of the Securities Act of 1933
and the Securities Exchange Act of 1934 (’34 Act), including section 10(b)(5) of
the ’34 Act and Rule 10b-5 thereunder. In addition, the Company has agreed to
pay a $7.5 million civil penalty which Take-Two previously recorded as an
expense in its fourth fiscal quarter ended October 31, 2004.
The SEC investigation related to the
Company’s accounting, which was the subject of the Company’s previously reported
restatements of its financial statements in February 2002 and February 2004.
Certain of the Company’s employees and former employees also reached settlements
with the SEC.
Paul Eibeler, Take-Two’s President
and Chief Executive Officer, commented, "We have cooperated fully and are
pleased to have resolved Take-Two’s outstanding issues with the SEC. The
comprehensive company-wide changes we have instituted in recent years, including
implementing a series of internal controls and procedures designed to ensure
that our financial reporting processes meet the highest standard of integrity
and professionalism, and making key additions to our senior executive team and
Board of Directors, have made our company much stronger. We remain focused on
delivering shareholder value through our leadership in the global interactive
entertainment software market."
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is an
integrated global developer, marketer, distributor and publisher of interactive
entertainment software games and accessories for the PC, PlayStation® game
console, PlayStation®2 computer entertainment system, PSP? handheld
entertainment system, PlayStation®3 computer entertainment system, the Xbox®
video game and entertainment system from Microsoft, the Xbox 360? video game and
entertainment system from Microsoft, Nintendo GameCube?, Nintendo DS? and Game
Boy® Advance. The Company publishes and develops products through its wholly
owned labels Rockstar Games, 2K Games, 2K Sports and Global Star Software; and
distributes products 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, London,
Paris, Munich, Madrid, Vienna, Milan, Sydney, Breda (Netherlands) and Auckland.
Take-Two’s common stock is publicly traded on NASDAQ under the symbol TTWO. For
more corporate and product information please visit our website at
www.take2games.com.
All trademarks and copyrights
contained herein are the property of their respective holders. EXTRA INFO From:
Take-Two Interactive Software, Inc. Uploaded: 10/6/2005 Printable version PR
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