Semiconductor manufacturer Semtech Inc. announced Thursday that it would restate its financial statements in light of an internal review of stock options practices. Following the review, the Camarillo company expects to restate its financial statements for fiscal years 2002 through 2006. The initial phase of the investigation focuses on the processes used to establish option exercise prices and obtain approvals of stock option grants, including procedures relating to initial stock option grants to newly-hired employees, and the related measurement dates used for financial reporting purposes, the company said in a prepared release. Semtech also faces delisting from the Nasdaq National Market because it had not complied with filing required reports on its fiscal quarter that ended April 30. The company has requested a hearing before the Nasdaq Listing Qualifications Panel to review the matter. Semtech is late in filing Form 10-Q because of an internal review of its stock option practices in light of an informal Securities and Exchange Commission inquiry, the company said. Semtech is a leading supplier of analog and mixed-signal semiconductors used in a wide range of computer, industrial and communications applications.
