Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California, on behalf of purchasers of the common stock of Maxim Integrated Products, Inc., (OTC: MXIM.PK) between April 29, 2003 through January 17, 2008 (the “Class Period”). The lawsuit was filed against Maxim and certain of its former officers (“Defendants”).
If you purchased the common stock of Maxim during the Class Period and wish to view a copy of a complaint and join the class action, please e-mail us at info@gsk-law.com, or call us at (888) 668-4130 for more information. If you purchased your shares during the Class Period, you may move the Court no later than April 7, 2008 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Defendants with engaging in an illegal stock option backdating scheme. As a result of that scheme, Maxim’s Class Period financial statements understated compensation expense, and thus overstated Maxim’s income and earnings per share by a material amount. The complaint charges Defendants with making false and misleading statements regarding Maxim’s stock option grants in violation of the Securities Exchange Act of 1934 and SEC Rule 10b-5.
On January 18, 2008, Maxim announced that it had expanded its investigation into its stock option granting practices, and it expects to restate its prior period financial statements to record $550 to $650 million of additional compensation expense. Maxim also announced that its financial statements during the Class Period should no longer be relied upon. In reaction to the news, Maxim shares dropped sharply from a close of $23.63 on January 16, 2008, to $18.07 on January 22, 2008.
Contacts:
Brian Penny,
Esq., 888-668-4130
