Game publisher Take-Two Interactive faces removal from the NASDAQ stock listing.
Take-Two Interactive (ticker symbol TTWO), the popular game publisher and developer behind the 2K Games and Rockstar Games labels, received a notice early Thursday morning from the The Nasdaq Stock Market, Inc. that Take-Two faces being delisted from the NASDAQ stock exchange.
The company responded later in the day by announcing that it expected the notice due to a delayed release of its 10-Q quarterly earnings report. Take-Two has been investigating the issuing of its own stock option grants since July and plans to offer its earning report for the third quarter, which ended on July 31st, "as soon as practical." Although Take-Two will remain listed on the NASDAQ exchange, it will be forced to review the earnings issue with Nasdaq Listing Qualifications Panel on an unspecified date.
Despite not reporting its 10-Q earnings and facing SEC scrutiny for complications in issuing grants, Take-Two's stock has continued to rise since July based on the growing video game market and the massive stock purchases from billionaire Carl Icahn.
Source: The Street