|AMCC Responds to Derivative Lawsuit|
SUNNYVALE, Calif., July 13 /PRNewswire-FirstCall/ -- Applied Micro Circuits Corporation (Nasdaq: AMCC) today announced that a derivative lawsuit has been filed in United States District Court for the Northern District of California against nine former officers of the Company alleging improper dating of stock options granted to these former officers on five occasions during the period from March 1998 through December 2000. The suit also names as defendants all of the current members of AMCC's Board of Directors. AMCC previously announced that its Audit Committee had begun a self-initiated review of the Company's historical stock option grant practices and related accounting. That review is still underway.
AMCC provides the essential building blocks for the processing, moving and storing of information worldwide. The company blends systems and software expertise with high-performance, high-bandwidth silicon integration to deliver silicon, hardware and software solutions for global wide area networks (WAN), embedded applications such as PowerPC and programmable SOC architectures, storage area networks (SAN), and high-growth storage markets such as Serial ATA (SATA) RAID. AMCC's corporate headquarters are located in Sunnyvale, California. Sales and engineering offices are located throughout the world. For further information regarding AMCC, please visit our web site at http://www.amcc.com.
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SOURCE Applied Micro Circuits Corporation