Take-Two Interactive Software Gets Headach From Porn In Grand Theft Auto

Shareholder Class Action Filed Against Take-Two Interactive Software, Inc. By the Law Firm of Schiffrin & Barroway, LLP

RADNOR, Pa., Feb. 8 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all securities purchasers of Take-Two Interactive Software, Inc. (NASDAQ:TTWO) ("Take-Two" or the "Company") between October 25, 2004 and January 27, 2006 inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.

The complaint charges Take-Two and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Take-Two engages in publishing, developing, and distributing interactive entertainment software, hardware, and accessories. The Company publishes interactive software games for personal computers, video game consoles, and handheld platforms. The complaint alleges that defendants failed to disclose that their best-selling game, Grand Theft Auto: San Andreas, contained explicit and pornographic scenes to the powerful Entertainment Software Rating Board ("ESRB"), a private group that rates video games. Had ESRB been aware of the pornographic contents of the game, it would have assigned it a rating of "Adults Only 18+." The adults-only rating would have restricted the distribution of the game. The major retail chains, such as Wal-Mart and Target, do not carry such games. As a result, when ESRB revised its rating on the game to "Adults Only 18+," the Company was forced to reduce its financial guidance.

More specifically, the Defendants failed to disclose the following materially adverse facts to the market: (1) that the Company's main video game product, Grand Theft Auto: San Andreas, contained materials which mandated that the game be rated Adult-Only; (2) that as a consequence of the Adult-Only rating, many retailers refused to carry the game, thereby eroding the Company's profitability by significantly decreasing the Company's sales and earnings; (3) that the Company's accounts payable, inventory and cost of goods accounts, capitalized software development costs and amortization expense were misstated; (4) that the Company lacked adequate internal controls; (5) that the Company failed to cooperate with or assist the Company's audit committee; and (6) as a result of the foregoing, Take-Two statements with respect to its future earnings and guidance lacked in any reasonable basis when made.

On January 27, 2006, it was announced that the City Attorney for the City of Los Angeles filed an action against the Company and its subsidiary, Rockstar Games, in the Superior Court of the State of California alleging, among other things, that the Company and Rockstar Games violated sections of the California Business and Professions Code by publishing untrue and misleading statements and engaging in unfair competition. On this news,

shares of Take-Two fell $2.34 per share, or 13.74 percent, to close, on January 27, 2006, at $14.69 per share.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/.

If you are a member of the class described above, you may, not later than April 3, 2006 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.

  CONTACT:  Schiffrin & Barroway, LLP
            Darren J. Check, Esq.
            Richard A. Maniskas, Esq.
            280 King of Prussia Road
            Radnor, PA 19087
            1-888-299-7706 (toll free) or 1-610-667-7706
            Or by e-mail at info@sbclasslaw.com

Source: Schiffrin & Barroway, LLP

CONTACT: Darren J. Check, Esq. or Richard A. Maniskas, Esq. of Schiffrin
& Barroway, +1-888-299-7706 (toll free) or +1-610-667-7706

Web site: http://www.sbclasslaw.com/

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