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Maxim Integrated Products, Inc. Summary: On April 07, 2008, several motions were filed by certain groups and individuals for the appointment of lead plaintiffs and to approve the selection of lead counsels. Just as quickly, several proposed orders granting the above mentioned motions were also entered at the same time. As the case progresses, several responses from the competing motions for the appointment of lead plaintiffs and counsels were filed on May 14, 2008. The judge finally made its order granting the Public Funds Group, the Cobb County Government Employees' Pension Plan, the Dekalb County Pension Plan, and the Mississippi Public Employees Retirement System to be appointed as lead plaintiffs and counsels. The case was quickly followed by a proposed order entered on May 23, 2008 in regards to the consolidation of cases filed by the Public Funds Group. As a result, a stipulation and order to consolidate cases was entered on May 28, 2008.
According to a press release dated February 6, 2008, the complaint charges that Maxim and certain of its former officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by engaging in improper stock option backdating that caused the issuance of materially false and misleading financial statements during the Class Period.
Specifically, the complaint asserts that on January 17, 2008, the Company announced that it would be restating its financial statements to record between $550 million and $650 million of additional stock-based compensation expense and that its previously issued financial statements could no longer be relied on. As a result of these adverse disclosures, the Company's stock price has declined 22%.
INDUSTRY CLASSIFICATION:
SIC Code: 3674
Sector: Technology
Industry: Semiconductors
| COMPANY/ISSUER NAME: | Maxim Integrated Products, Inc. |
| COMPANY/ISSUER TICKER: | MXIM.PK |
| COMPANY WEBSITE: | http://www.maxim-ic.com/ |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Allan Query, et al. v. Maxim Integrated Products, Inc., et al. | |||||||||||||||||
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