KLA Files with SEC for Annual Report Extension
By Ann Steffora Mutschler -- EDN, September 14, 2006
Following MIPS Technologies’ same action today, and among a flurry of others, in a filing with the U.S. Securities and Exchange Commission (SEC), San Jose-based KLA-Tencor Corp. has requested an extension to file its Form 10-K Annual Report for the year ended June 30.
The Form 12b-25, signed by KLA CFO Jeffrey L. Hall, stated, “As previously announced, a special committee of independent directors, appointed by the board of directors of KLA-Tencor Corporation, is conducting an internal investigation relating to stock options granted to the employees of the company, the timing of such grants and their related accounting and tax treatment.”
On June 30, KLA disclosed that the special committee reached a preliminary conclusion that the actual measurement dates for financial accounting purposes of certain stock option grants issued in prior years likely differ from the recorded grant dates of such awards.
Neither the special committee nor the board of directors of KLA has yet determined whether any resulting compensation or tax charges are material or whether the Company ultimately will restate previously issued financial statements.
“As a result of the ongoing investigation, the company was unable to file its annual report on Form 10-K for the year ended June 30, by the required filing date of September 13, without unreasonable effort or expense. The Company does not anticipate that it will be able to file its Form 10-K on or before the fifteenth calendar day following the prescribed due date, in accordance with Rule 12b-25,” the filing stated.
KLA concluded that it is “focused on resolving these issues as quickly as possible and plans to file its Form 10-K as soon as practicable following the completion of the special committee’s investigation.”
