SEC Investigates Linear
Staff Reporter -- EDN, June 16, 2006
The Securities and Exchange Commission (SEC) has launched an informal inquiry on June 13 into analog IC supplier Linear Technology Corp., the company announced Thursday.
The SEC is requesting information on practices and procedures regarding Linear's
past stock option grants.
Linear said in a statement that the company plans to "comply quickly and completely" with the SEC's request.
Click here for more news on the unfolding stock option investigation.
This is not Linear's first round of trouble regarding the company's stock option granting practices. In May, two shareholder lawsuits were filed against a number of Linear executives, alleging the backdating of stock options.
Linear maintained in Thursday’s statement that it intends "to defend the lawsuits vigorously," and expressed confidence that neither the SEC's inquiry nor the lawsuits will have an effect on Linear's operation or financial condition.
Linear joins the ranks of a number of other tech companies being investigated by the SEC for the alleged mishandling of stock options, including KLA-Tencor, Semtech, Broadcom and Maxim.
