“We have confirmed the delay of L.A. Noire from fiscal Q4 (Oct.) well into [fiscal] 2011 [November 1, 2010 to October 31, 2011],” he wrote. “As far as we can tell, Take-Two has not shown the game to retailers.”

"Clearly, management either has no control over the release of its games, cannot accurately predict the timing of their completion or is not concerned with the forecasts it issues to investors. In any case, the delays have reinforced the low confidence we have in current management,” said Wilson.

“We continue to have low confidence that management has any idea about when its games will actually be released and believe the confidence that it displays to investors is misplaced.”