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Maxim announces shareholder derivative lawsuit

Posted: 31 May 2006 ?? ?Print Version ?Bookmark and Share

Keywords:shareholder derivative suit? Maxim? stock option?

A shareholder derivative suit was recently filed against Maxim Integrated Products Inc. in connection with stock options granted to certain officers during the period from 1995-2001. The lawsuit was filed in reaction to reports calling into question the option granting practices to company officers in the semiconductor industry.

According to Maxim, the option granting process to its officers consists of a written proposal made by its chief executive officer to the compensation committee. Upon the conclusion of discussion and/or adjustment of the proposed amounts, the committee approves the grants made to officers and the grants are then made by Maxim.

Maxim said in a statement that it has complied with all applicable laws and its shareholder approved stock option plan in granting options to officers and it has not backdated options.

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