Summary
Lam Research Corporation (LRCX) filed an 8-K on November 13, 2007, to report a notice from Nasdaq indicating non-compliance with continued listing requirements due to delayed filings of its Form 10-K for fiscal year 2007 and its Form 10-Q for the quarter ended September 23, 2007. The company is actively engaged in addressing these deficiencies and has presented its plan to the Nasdaq Listing Qualification Panel. Pending a decision, Lam's shares will remain listed on the NASDAQ Global Select Market. The delays in financial reporting are primarily attributed to an ongoing internal review of historical stock option grants and related accounting practices. This review, conducted by an independent committee of the Board of Directors with external legal counsel, is necessary to determine if any non-cash adjustments to compensation expense are required. The company anticipates filing the delayed financial statements once this review is complete.
Key Highlights
- 1Lam Research received a second notice from Nasdaq regarding non-compliance with listing requirements due to delayed financial filings (Form 10-K and 10-Q).
- 2The company is scheduled to present its plan to regain compliance to the Nasdaq Listing Qualification Panel.
- 3Lam's stock will continue to be listed on the NASDAQ Global Select Market pending the Panel's decision.
- 4Financial reporting delays are linked to an ongoing review of historical stock option grant practices and accounting.
- 5An independent committee of the Board, with legal counsel, is conducting the stock option review.
- 6The company cannot file the delayed financial reports until the review is concluded and potential accounting adjustments are determined.