Take-Two files financial restatements

NEW YORK --Video game maker Take-Two Interactive Software Inc. said Wednesday it filed restated financial statements to properly account for stock-based compensation expenses and other items going back to 1997.

After a board special committee's review, Take-Two previously said it used incorrect measurement dates in accounting for certain stock-based compensation awards. The company said it found no pattern or practice of improper accounting for option grants after August 2003.

In its restatements, Take-Two recorded $42.1 million in non-cash, stock-compensation charges for the period from April 1997 through Oct. 31, 2005.

Take-Two said it has no updates on the previously disclosed Securities and Exchange Commission investigation into its stock option grants or the subpoenas from the New York County District Attorney.

Shares of Take-Two fell 45 cents, or 2.5 percent, to close at $17.80 on the Nasdaq Stock Market. The stock has ranged between $9.06 and $21.06 over the past year.