fitbabits
01-18-2006, 08:14 AM
Next Generation (http://www.next-gen.biz) has more details (http://www.next-gen.biz/index.php?option=com_content&task=view&id=2075&Itemid=2).
After lowering financial forecasts earlier this year, Take-Two reveals several defiencies in its operations that led to the late filing of the annual Form 10-K report.
Take-Two filed Form 12b-25 with the U.S. Securities and Exchange Commission (SEC), which is a notification of late filing of the annual shareholders' report known as Form 10-K. In the extension request, Take-Two was required to explain exactly why it was late to file. As reported previously (http://www.next-gen.biz/index.php?option=com_content&task=view&id=1968&Itemid=2), one reason was that the company was having trouble conforming to the financial integrity law known as the Sarbanes-Oxley Act.
However, the 12b-25 filing also revealed "material weaknesses" within the company that need immediate attention. Inventory tracking issues, accounting gaps and inaccuracies were acknowledged, all of which could potentially mislead shareholders.
Play with hot coffee and you will get burned!
After lowering financial forecasts earlier this year, Take-Two reveals several defiencies in its operations that led to the late filing of the annual Form 10-K report.
Take-Two filed Form 12b-25 with the U.S. Securities and Exchange Commission (SEC), which is a notification of late filing of the annual shareholders' report known as Form 10-K. In the extension request, Take-Two was required to explain exactly why it was late to file. As reported previously (http://www.next-gen.biz/index.php?option=com_content&task=view&id=1968&Itemid=2), one reason was that the company was having trouble conforming to the financial integrity law known as the Sarbanes-Oxley Act.
However, the 12b-25 filing also revealed "material weaknesses" within the company that need immediate attention. Inventory tracking issues, accounting gaps and inaccuracies were acknowledged, all of which could potentially mislead shareholders.
Play with hot coffee and you will get burned!