| Company: | Maxim Integrated Products, Inc. |
| Ticker Symbol: | OTC: MXIM |
| Class Period: | April 29, 2003 to January 17, 2008 |
| Date Filed: | Feb-07-08 |
| Lead Plaintiff Deadline: | April-07-08 |
| Court: | Northern District, CA |
| Allegations: |
A class action lawsuit has been filed in the United States District Court for the Northern District of California, on behalf of purchasers of the common stock of Maxim Integrated Products, Inc., (OTC: MXIM.PK) between April 29, 2003 through January 17, 2008 (the "Class Period"). The lawsuit was filed against Maxim and certain of its former officers ("Defendants").
The complaint charges Defendants with engaging in an illegal stock option backdating scheme. As a result of that scheme, Maxim's Class Period financial statements understated compensation expense, and thus overstated Maxim's income and earnings per share by a material amount. The complaint charges Defendants with making false and misleading statements regarding Maxim's stock option grants in violation of the Securities Exchange Act of 1934 and SEC Rule 10b-5.
On January 18, 2008, Maxim announced that it had expanded its investigation into its stock option granting practices, and it expects to restate its prior period financial statements to record $550 to $650 million of additional compensation expense. Maxim also announced that its financial statements during the Class Period should no longer be relied upon. In reaction to the news, Maxim shares dropped sharply from a close of $23.63 on January 16, 2008, to $18.07 on January 22, 2008.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges Defendants with engaging in an illegal stock option backdating scheme. As a result of that scheme, Maxim's Class Period financial statements understated compensation expense, and thus overstated Maxim's income and earnings per share by a material amount. The complaint charges Defendants with making false and misleading statements regarding Maxim's stock option grants in violation of the Securities Exchange Act of 1934 and SEC Rule 10b-5.
On January 18, 2008, Maxim announced that it had expanded its investigation into its stock option granting practices, and it expects to restate its prior period financial statements to record $550 to $650 million of additional compensation expense. Maxim also announced that its financial statements during the Class Period should no longer be relied upon. In reaction to the news, Maxim shares dropped sharply from a close of $23.63 on January 16, 2008, to $18.07 on January 22, 2008.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
