Take-Two Interactive Software, Inc. (NDAQ:TTWO) shares moved up $1.48, or 7.1%, to $22.33 after the company announced that it would be delaying its annual meeting in order to review the proposed actions recommended by activist hedge funds earlier this month. The company also said that it was reviewing a number of its own strategic alternatives, including a possible sale of the company. Given that these hedge funds control approximately 46% of the company, it is likely that something will come out of this review, whether it be one of the company's suggestions or inclusion of the investors' board candidates on the proxy.

Take-Two has been troubled with poor results and accounting problems, with its former CEO having been indicted by the SEC for options backdating and later convicted. The company also had to restate years of earnings after it inaccurately accounted for stock option grants; the company ended up incurring $43 million in additional expenses. Clearly, change is needed here but what course of action the board decides to take remains uncertain. In the meantime, this is a great stock to watch as the company mulls its options.

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