ISSI Announces Review of Historical Stock Option Practices and Delays Filing Form 10-Q for Third Quarter of Fiscal 2006
August 09 2006 - 5:30PM
PR Newswire (US)
SANTA CLARA, Calif., Aug. 9 /PRNewswire-FirstCall/ -- Integrated
Silicon Solution, Inc. (NASDAQ:ISSI) today announced that it is
conducting a review of its historical practices in granting stock
options. ISSI has filed a Form 12b-25 with the Securities and
Exchange Commission stating that it will be unable to file a timely
quarterly report on Form 10-Q for the fiscal quarter ended June 30,
2006 until this review has been completed. The Company's Board of
Directors has appointed a committee of independent directors to
conduct this review. The committee plans to engage independent
legal counsel and accounting experts. The review will cover all
option grants since the Company's initial public offering in
February 1995. The Company has also advised its independent
registered public accounting firm, Ernst & Young LLP, of its
review. The Company expects to incur significant legal and
professional fees this quarter (ending September 30, 2006). In
addition, two purported shareholder derivative actions concerning
the Company's stock option granting practices have been filed
against certain of the Company's current and former officers and
directors in the U.S. District Court for the Northern District of
California. The Company is named as nominal defendant. FORWARD
LOOKING STATEMENTS: Statements in this press release regarding the
possible conclusions or determinations to be made by the Board of
Directors or the independent committee are forward-looking
statements and are subject to the Safe Harbor provisions created by
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current information and
expectations, and involve a number of risks and uncertainties.
Actual results may differ materially from those projected in such
statements due to various factors, including but not limited to,
the final conclusions of the Board of Directors, the Audit
Committee, the independent committee, and the Company's independent
public accountants concerning matters related to the company's
stock option grants. About the Company ISSI is a fabless
semiconductor company that designs and markets high performance
integrated circuits for the following key markets: (i) digital
consumer electronics, (ii) networking, (iii) mobile communications
and (iv) automotive electronics. The Company's primary products are
high speed and low power SRAM and low and medium density DRAM. The
Company also designs and markets EEPROM, SmartCards and is
developing selected non-memory products focused on its key markets.
ISSI is headquartered in Silicon Valley with worldwide offices in
China, Europe, Hong Kong, India, Korea and Taiwan. Visit our web
site at http://www.issi.com/. DATASOURCE: Integrated Silicon
Solution, Inc. CONTACT: Scott Howarth, Vice-President & CFO,
Investor Relations of Integrated Silicon Solution, Inc.,
+1-408-969-4686, or Web site: http://www.issi.com/
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