Class Action Settlement Announced In Lawsuit Filed Against Maxim Integrated Products Over Stock Option Backdating
Maxim Integrated Products, Inc. (MXIM) has agreed to pay $173 million to settle a securities class lawsuit filed against it in the United States District Court for the Northern District of California (styled In re Maxim Integrated Products, Inc. Securities Litigation, Case No. C-08-00832-JW) alleging that Maxim had improperly backdated its stock options, which inflated its stock price, according to class action settlement news reports.
Maxim announced in a press release that it entered into a memorandum of understanding MOU reflecting an agreement in principle to settle all claims asserted against all defendants in the Maxim Integrated Products stock option backdating class action lawsuit concerning the Maxim’s stock option accounting practices and contemplates the negotiation and execution of a final class action settlement agreement, which will be subject to notice to the putative class and final approval by the Court.
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