AMCC Hit with Options Lawsuit

Applied Micro Circuits Corporation (AMCC) confirmed that a derivative lawsuit has been filed in U.S. District Court for the Northern District of California against nine former officers of the company alleging improper dating of stock options granted to these former officers on five occasions during the period from March 1998 through December 2000. The suit also names as defendants all of the current members of AMCC's Board of Directors. AMCC previously announced that its Audit Committee had begun a self-initiated review of the company's historical stock option grant practices and related accounting. That review is still underway.

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