Asyst Delays 10-K Filing
Staff Reporter -- EDN, June 14, 2006
Asyst Technologies said it will delay filing its annual report on Form 10-K with the U.S. Securities and Exchange Commission while a special committee of independent directors completes an inquiry into past stock option grants and practices.
The internal investigation follows the receipt of a letter dated June 7 from the SEC asking Asyst for documents related to stock option grants from January 1997 through the present.
Asyst said the SEC’s letter stated that it should not be construed as an indication by the SEC or its staff that any violations of law have occurred, nor should it be considered an adverse reflection on any person, entity or security. Asyst said it is cooperating with the SEC’s inquiry.
The Fremont, Calif.-based company’s board of directors appointed a special committee of independent members on June 9 to conduct an inquiry into the company’s stock option practices during the period specified in the SEC letter.
Asyst said it expects the inquiry will be completed in time for the company to be able to file its Form 10K on or before June 29, but added that it cannot assure that it will be able to do so.
Asyst isn't the only semiconductor company to face a sticky stock situation. Indeed, Broadcom announced its investigation by the SEC on Monday, joining the likes of Maxim, KLA-Tencor and Altera on the growing list of companies faced with questions about their stock option granting practices.
