Take-Two Interactive hasn't had a whole lot of good news to report lately, and things aren't getting any better. The company today announced that it has received notice from the Securities and Exchange Commission (SEC) that it is conducting an informal non-public investigation into certain stock option grants made by the Company from January 1997 to the present.

Prior to receiving the notice, Take-Two conducted an internal review of the company's option grants, using a committee of independent board members and accountants to assist in the review. Take-Two's statement said that they intend to respond to the SEC's information request and to fully cooperate in the informal investigation.

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