Defendant Name:
Analog Devices, Inc.
Defendant Type:
Public Company
SIC Code:
3674
CUSIP:
03265410
Document Reference:
33-8923
Document Details
Legal Case Name
In the Matter of Analog Devices, Inc. and Jerald G. Fishman
Document Name
Order Instituting Cease-and-Desist Proceedings, Making Findings, and Imposing a Cease-and-Desist Order Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934
Document Date
30-May-2008
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On May 30, 2008, the SEC instituted settled cease-and-desist proceedings against Analog Devices, Inc. and Jerald G. Fishman, stating: "During at least 1998 through 2002, Analog Devices, Inc. (“Analog” or “the company”) and its CEO Jerald G. Fishman (“Fishman”) engaged in an improper course of conduct involving backdating stock option grants that operated as a fraud on Analog’s shareholders and resulted in Fishman and other executives, directors and employees of Analog receiving undisclosed compensation."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Undertakings: "Analog undertakes to re-price the unexercised options that were granted to Fishman in order to eliminate the benefit of the lower exercise prices that resulted from backdating the options. The re-pricing shall occur within 30 days of entry of this Order and, promptly thereafter, Analog agrees to provide to the Commission staff documents or information acceptable to the staff to reflect that the re-pricing has been completed. . . . Analog undertakes to re-price two of the three option grants discussed in this Order that were awarded to Fishman but that he has not yet exercised. Specifically, the options granted on November 29, 1999, shall be re-priced from $28.75 to $28.97 per share, the split-adjusted trading price of the company’s common stock on November 30, 1999. The options represented to have been granted on July 18, 2001, shall be re-priced from $39.06 to $48.27 per share, the closing price of the company’s common stock on July 26, 2001, the date the Compensation Committee granted the options."
Other Defendants in Action:
