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THQ Investigated by Securities and Exchange Commission

by Rainier on Aug. 7, 2006 @ 7:58 p.m. PDT

Well this is starting to sound all too familiar. After Take Two and Activision, THQ announced today that it has received an informal inquiry from the SEC requesting certain documents and information relating to the company's stock option grant practices from January 1, 1996 to the present.

Prior to receiving notification of this informal inquiry, THQ, with the assistance of outside counsel, was in the process of conducting a voluntary internal review of its historical stock option grant practices. The company initiated the internal review following extensive news coverage and analyst reports about the option practices of numerous companies across several different industries.

The company's audit committee, which is comprised of independent directors of the board, intends to retain independent counsel to continue the company's internal review and oversee the company's response to the Securities and Exchange Commission.

THQ intends to cooperate fully with all matters related to this request.

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