Asyst Served with Subpoena
Staff Reporter -- EDN, June 29, 2006
Trouble continues to brew at Asyst Technologies Inc., one of the many companies involved in the on-going semiconductor industry controversy regarding the alleged backdating of stock options.
In a June 28 filing with the Securities Exchange Commission (SEC), Asyst stated "on June 26, 2006, we received a grand jury subpoena of the same date from the United States District Court for the Northern District of California, requesting the production of documents relating to the company's past stock option grants and practices for the period from 1995 to the present."
Following the company's June 7 receipt of a letter from the SEC asking Asyst for documents related to stock option grants from January 1997 through the present, Asyst announced the delay of its 10-K filing to the SEC. The company had appointed a committee of independent directors completes an inquiry into past stock option grants and practices.
Asyst added in the filing that it intends to cooperate fully with the U.S. Attorney's office in responding to the subpoena.
