Amkor Discloses Formal SEC Investigation
DOW JONES NEWSWIRES
August 22, 2005 8:18 a.m.
CHANDLER, Ariz. (Dow Jones)--Amkor Technology Inc. (AMKR) said the Securities and Exchange Commission has formalized an investigation into trading of its securities.
The semiconductor assembly provider said it will continue to cooperate fully with the SEC on the formal probe, just as it has cooperated with the informal inquiry, which was announced last October.
In a press release Monday, Amkor said it believes the investigation continues to relate to securities transactions, which may include company insiders, during the period between June 2003 and July 2004.
Amkor Technology said in October the SEC requested that the company produce documents and other relevant information concerning the securities transactions. The agency informed the company at the time that the inquiry should not be construed as an indication that any laws had been violated.
In May, the company said it would restate some financial statements for 2003 and 2004 because of an error in its accounting of cash flow. Amkor said as a result of the error related to the classification of unpaid property, plant and equipment, the statements of cash flow included in its quarterly and annual reports for 2004 should no longer be relied upon.
Last month, the company said it swung to a second-quarter loss of $52.4 million, or 30 cents a share, on higher expenses and a slight decline in sales. It also projected a loss for the third quarter.
Earlier this month, Amkor said it agreed to pay $3 million to Fairchild Semiconductor (FCS) to resolve pending litigation involving allegedly defective epoxy mold compound.
Amkor's shares closed Friday at $5.22, up 3 cents, or 0.6%, on Nasdaq. The stock reached a 52-week high of $6.90 on Jan. 3, and a 52-week low of $2.87 on May 13.
Company Web site: www.amkor.com |
