New York - Video game publisher Take-Two Interactive announced on Monday that its internal investigation has uncovered irregularities in its stock options granting practices.

An SEC filing made by Take-Two states that, from April 1997 through August 2003, former chairman and CEO Ryan Brant engaged in a "pattern and practice of backdating options, and during such period, a significant number of option grants appear to have been backdated."

The company said in addition to Brant, two former chief financial officers and a former controller also appeared to have been involved in the "backdating," where the date on which employee stock options were granted is changed in order to increase their value.

Take-Two added that it found no stock option grant irregularities after 2003, and is still determining how much it will have to pay in charges to remedy the situation.

Meanwhile, Take-Two also said on Monday that it has received an extension on its continued listing on the Nasdaq. The exchange had warned the company that it was in danger of being delisted, due to its failure to file financial results on time -- a result of the ongoing investigation into its stock options.

Related Links:
http://biz.yahoo.com/bw/070122/20070122005498.html?.v=1
http://tinyurl.com/2mthjn (AP)
http://www.take2games.com