ATLANTA, Feb. 7, 2002 (PRIMEZONE) -- You are hereby notified that Holzer & Holzer has filed a class action lawsuit in the United States District Court for the Southern District of New York against Take-Two Interactive Software, Inc. ("Take-Two" or the "Company") (Nasdaq:TTWO) on behalf of purchasers of publicly traded securities during the period between February 24, 2000 and December 17, 2001, inclusive (the "Class Period"). A copy of the complaint filed is available from the Court or by contacting Holzer & Holzer (toll-free) at (888) 508-6832 or by sending an e-mail to michaelfisteljr@msn.com.
The Complaint alleges that the Company and certain of its officers and directors issued a series of material misrepresentations regarding its financial performance to the market between February 24, 2000 and December 17, 2001. Throughout the Class Period, the Complaint alleges, defendants issued press releases that positively portrayed Take-Two's performance and discussed several quarters of supposedly "record" results. These statements, as alleged in the Complaint, were materially false and misleading because the Company had, throughout the Class Period, improperly recognized revenues, thereby inflating its reported sales and earnings. The Complaint further alleges that on December 14, 2001, the price of Take-Two's stock plunged 31%, falling from $15.05 to $10.33, as news leaked that the Company will likely restate previously filed financial reports. On December 17, 2001, as alleged in the Complaint, Take-Two issued a press release announcing that the Company will restate its financial results for its fiscal year 2000 and the first three quarters of its fiscal year 2001. As alleged in the Complaint, the press release stated the Company had improperly recognized revenue on products that were subsequently returned to the Company.
If you purchased securities in Take-Two during the Class Period set forth above, you may, no later than February 18, 2002, move the Court to serve as a lead plaintiff in the action. In order to serve as a lead plaintiff, however, you must meet certain legal requirements. If you have any questions about your rights with respect to this lawsuit, you may contact Holzer & Holzer, Michael I. Fistel, Jr., Esq. (toll-free) at (888) 508-6832, or inquire via e-mail to michaelfisteljr@msn.com.
Holzer & Holzer has substantial experience representing investors in securities fraud class action lawsuits such as this. Holzer & Holzer is located in Atlanta, GA, but represents investors in securities class action lawsuits throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca