Asyst Delays 10-K Filing
Staff Reporter -- EDN, July 31, 2006
Asyst Technologies Inc. said today that it will delay the filing of its Form 10-K and Form 10-Q with the U.S. Securities and Exchange Commission until it completes its inquiry into the company’s past stock option grants and practices.
The Fremont, Calif.-based clean room company plans to release sales and bookings results for its fiscal Q1 ended June 30, today, but said it would delay the release of earnings information until the committee has completed its work.
Asyst previously announced the formation of a special committee to conduct the internal investigation.
“Preliminary information obtained in this inquiry indicates instances where incorrect measurement dates were used for financial accounting purposes for certain stock options grants in prior years,” Asyst said in a statement. “Once the special committee completes its inquiry, it may determine that the financial impact is material to certain prior fiscal periods and, in such cases, the company would be required to record additional non-cash charges for stock-based compensation expense, and the resulting tax effects.”
