SAN FRANCISCO (Thomson Financial) - Lam Research Corp. said late Friday it
expects to restate certain of its previously-issued financial statements to
record non-cash charges for compensation expenses relating to past stock option
grants.
The Fremont, Calif.-based maker of semiconductor processing equipment said
it has reached the preliminary conclusion that the actual measurement dates for
certain stock option grants issued in the past differ from the recorded grant
dates.
The "significant majority" of the measurement date changes result from stock
options granted prior to fiscal year 2003, Lam Research said. The company has
not determined the final amount of the charges, the resulting tax and accounting
impact, or which specific periods require restatement.
The company's internal review of conduct relating to its historical stock
option practices is ongoing, but its preliminary finding is that there was "no
intentional misconduct by management."
Shares of Lam Research closed the regular session up 1.6% at $44.42.
Gabriel Madway
gm
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|