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Technology Stocks : Novellus -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (3642)	7/14/2006 9:01:14 PM
From: Proud_Infidel	Respond to of 3813

Novellus Faces Shareholder Options Suit Friday July 14, 6:10 pm ET Novellus Faces Shareholder Suit for Alleged Stock-Option Backdating NEW YORK (AP) -- A law firm said Friday it has begun a shareholder lawsuit against certain directors and officers of Novellus Systems Inc., a provider of semiconductor-making equipment, alleging stock-option backdating. The firm of Stull, Stull & Brody alleged certain current and former officers and directors manipulated the prices of stock option grants to artificially boost their payouts. The firm said they violated state and federal laws governing officer and director fiduciary duties. Novellus officials could not be reached for comment Friday. In May, the company said that an internal review of its stock-options granting practices found no irregularities. At least 67 companies have been questioned or have launched internal probes of their stock options practices. Novellus shares closed down 10 cents at $23.28 on the Nasdaq.