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Technology Stocks : Asyst Technologies (ASYT) Good Value/Where is the Bottom?
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To: sixty2nds who wrote (2286)7/31/2006 10:00:33 AM
From: Proud_Infidel  Read Replies (3) of 2313
 
UPDATE 1-Asyst says probe reveals errors in options timing
Mon Jul 31, 2006 8:55am ET
(Recasts, adds details)

July 31 (Reuters) - Asyst Technologies Inc. (ASYT.O: Quote, Profile, Research) on Monday said preliminary results from a probe into its stock-option practices threw up incorrect measurement dates.

The chip equipment maker said the probe was initiated after the U.S. Securities and Exchange Commission had asked for the documents related to Asyst's stock-option practices in June.

In the rapidly unfolding stock-option probe, U.S. investigators are examining more than 50 companies' option granting practices.

This practice involves changing the grant date of a stock option from the day it was actually granted to an earlier date when the stock was trading at a lower price.

Asyst said the probe would delay its results for the fiscal year ended March 2006 and for the first quarter ended June 30.

Asyst may be required to record additional non-cash charges for stock-based compensation expense, and the resulting tax effects, after the completion of the inquiry, the company said in a news release.

The company said it would release sales and bookings results for the first quarter on Aug. 3. (Reporting by Ajaya Kumar and Saumyadeb Charkabarty in Bangalore)
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