BACKDATED STOCK OPTIONS
 

Shapiro Haber & Urmy LLP Now Investigating Stock Options Backdating Practices By Applied Micro Circuits

Shapiro Haber & Urmy LLP is currently investigating stock options backdating practices at over 100 companies, including Applied Micro Circuits.

Regarding Applied Micro Circuits, as reported in The Wall Street Journal, "The Sunnyvale, Calif., semiconductor company disclosed on June 27 that it received a subpoena from the U.S. attorney for the Northern District of California related to its stock-option practices. On June 12, Applied Micro said the SEC notified it of an informal inquiry into past stock option grants. On May 31, Applied Micro said its audit committee is reviewing its historical stock-option grant practices, characterizing the review as voluntary and adding that it was initiated in response to recent industry issues involving stock options. On Aug. 3, the company said the U.S. Attorney's Office for the Northern District of California doesn't intend to continue its investigation of the company's option-granting practices and is withdrawing its subpoena, but that it has received a subpoena from the U.S. Attorney's Office for the Southern District of California relating to its past options grants. On Sept. 14, the company said its audit committee has concluded that Applied should have used different measurement dates for computing costs for certain stock option grants, and the company now expects to recognize up to $200 million in compensation expense beginning in fiscal year 1998, primarily relating to options awarded during fiscal years 2000 through 2002.”

If you are a current stockholder in Applied Micro Circuits and would like to learn about your legal rights in seeking to remedy improper options backdating at the company, please click here or call 800-287-8119 to contact our paralegal, Victoria Bird.  Our initial consultation and case assessment will be done at no charge or obligation to you.

Shapiro Haber & Urmy LLP is a leading force in bringing lawsuits on behalf of shareholders who own stock in corporations implicated in the rampant and ongoing stock options backdating scandal.  Led by attorneys Edward F. Haber and Michelle H. Blauner, our firm has already filed numerous cases, in both state and federal courts, concerning the improper backdating of stock options granted to officers, directors, and executives who appear to have used backdated stock options to create for themselves tens, or even hundreds, of millions of dollars in profit and unrealized gain at the direct expense of their corporations.

To learn more about our efforts targeting unlawful corporate stock options practices at corporations nationwide, please click here to view our main stock options backdating webpage, which contains detailed explanations of stock options, option backdating, and why option backdating can be illegal.  Also featured are complaints filed by our firm in other stock options backdating cases, as well as a full list of all the corporations we are currently investigating.