SAN FRANCISOMaxim Integrated Products Inc. has taken a pre-tax charge of more than $838 million for restated financial results covering a period of nearly 10 years, the company said Tuesday (Sept. 30).
Maxim recorded an additional stock-based compensation expense totaling $773.5 million covering the nearly 10-year period from fiscal 1997 through its third quarter of fiscal 2006, the company said.
Maxim (Sunnyvale, Calif.) also recorded other adjustments, including stock-option related adjustments, resulting in total pre-tax adjustments to income from operations of $838.3 million and after-tax adjustments to net income of $542.1 million for fiscal 1997 through the fiscal third quarter 2006, the company said.
Maxim said it filed with the U.S. Securities and Exchange Commission (SEC) its annual reports for fiscal years 2006, 2007 and 2008 and its quarterly reports for the first three quarters of fiscal 2007 and fiscal 2008.
The company said now intends to seek relisting on the Nasdaq exchange and hopes to commence trading on Oct. 8. The company's stock was delisted Oct. 2, 2007, for failure to file restated reports in the time allotted.
Like many companies, Maxim was forced to restate its financials after an independent committee of its board of directors found that the company had backdated some of its historical stock options grants and needed to revise them. The company was eventually targeted by an SEC investigation and shareholder lawsuits in the matter.
During the past 18 months, Maxim has implemented several actions to strengthen its corporate governance, the company said.