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T2: Ten Years Worth of Financials Are Bad

The past ten years worth of Take-Two financial reports may not be reliable and the company incorrectly granted and documented stock options, a special investigatory committee found.

While the Special Committee, which was established by Take-Two's Board of Directors to investigate post stock option grants and the accounting surrounding them, have yet to determine how much money is involved, they did say that all financial statements, earnings releases and "similar communications" issued from 1997 through April 30, 2006 should not be relied on.

The committee added that they did not find misconduct by the Company's current Executive Officers.

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