Sunnyvale, Calif.-based networking chip supplier Applied Micro Circuits Corp. (AMCC) reported today that its audit committee is reviewing the company's history of stock option grant practices and related accounting.
The company said in a statement that the move is a "proactive and voluntary" response to the semiconductor industry's current stock option controversy, a recent flux of governmental probes into the stock option practices of a number of technology firms.
AMCC's board adjourned today's planned stockholders' meeting until June 30. The meeting was to be held today to approve a proposed option exchange and a proposed amendment and restatement of the company's 1992 stock option plan.
AMCC will not further comment on the matter until the committee has completed its review.
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