Lam Research Corporation Announces Non-Reliance on Previously Issued Financial Statements
December 21 2007 - 6:53PM
Business Wire
Lam Research Corporation (NASDAQ:LRCX) announced earlier this year
that an independent committee of the Company�s Board of Directors,
had begun a review of the Company�s historical stock option
practices and related accounting. The independent committee, with
the assistance of independent outside legal counsel, has reached a
preliminary conclusion that the actual measurement dates for
financial accounting purposes of certain stock option grants issued
in the past differ from the recorded grant dates of such awards.
The independent committee�s assessment of conduct relating to the
Company�s historical stock option practices is ongoing. The
committee�s preliminary view is that there was no intentional
misconduct by management. On December 18, 2007, upon the
recommendation of management and the independent committee, the
Audit Committee of the Board of Directors concluded that the
Company�s financial statements for fiscal years 1997 through 2005,
and the interim periods contained therein should no longer be
relied upon. The Company expects to restate certain of its
previously-issued financial statements to record non-cash charges
for compensation expenses relating to past stock option grants. The
significant majority of the measurement date changes result from
stock options granted prior to fiscal year 2003. The Company has
not determined the final amount of such charges, the resulting tax
and accounting impact, or which specific periods require
restatement. The Company�s management and the independent committee
have discussed this matter with Ernst & Young LLP, the
Company�s independent registered public accounting firm. The
Company is working with Ernst & Young LLP to complete its
restatement and become current with its public filings as soon as
possible. Statements made in this press release which are not
statements of historical fact are forward-looking statements and
are subject to the safe harbor provisions created by the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements relate, but are not limited, to the final conclusions of
the Company, its Board of Directors, the Special Committee, the
Board Audit Committee, and the Company�s independent registered
public accountants concerning matters related to the Company�s
stock option grants and which, if any, of its previously issued
financial statements will be restated or in what amounts. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include, without
limitation, the discovery of new facts relating to the Company�s
stock option grants, differing judgments on how to interpret new or
currently known facts and changes in the laws or regulations
relating to the accounting treatment of these grants or the
interpretation of such laws or regulations. These forward-looking
statements are based on current expectations and are subject to
uncertainties and changes in condition, significance, value and
effect as well as other risks detailed in documents filed with the
Securities and Exchange Commission, including specifically the
report on Form 10-K for the year ended June 25, 2006, and Form 10-Q
for the quarter ended March 25, 2007, which could cause actual
results to vary from expectations. The Company undertakes no
obligation to update the information or statements made in this
press release. Lam Research Corporation is a major provider of
wafer fabrication equipment and services to the world�s
semiconductor industry. Lam�s common stock trades on The NASDAQ
Global Select MarketSM under the symbol LRCX. Lam is a NASDAQ-100�
company. The Company�s World Wide Web address is
http://www.lamresearch.com.
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