Maxim Integrated Products Inc. Agrees to Settlement In Shareholder Class Action

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of November 24, 2010 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Maxim Integrated Products
Case Name: 
Maxim Integrated Products Inc. Case 02/06/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: MXIM
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/06/2008
Class Period Begin: 
04/29/2003
Class Period End: 
01/17/2008
Court of Filing: 
U.S. District Court for the Northern District of California
Date Settled: 
09/27/2010
Settlement Amount: 
$173,000,000
Deadline to Participate in Settlement: 
11/24/2010
Settlement Notice: 
application/pdf iconnotice_maxim_2010.pdf
Settlement Proof: 
application/pdf iconproof_maxim_2010.pdf
Summary: 

July 2010 - Please be advised that your rights may be affected by a class action lawsuit pending in this Court (the “Action”) if, during the period from April 29, 2003, through January 17, 2008, inclusive, you purchased or otherwise acquired the publicly traded common stock of Maxim Integrated Products, Inc. (“Maxim”).
Please also be advised that the Court-appointed Lead Plaintiffs, the Cobb County Government Employees’ Pension Plan, the DeKalb County Pension Plan, and the Mississippi Public Employees Retirement System (collectively, “Lead Plaintiffs”), on behalf of the Class, have reached a proposed settlement of the Action for a total of $173 million in cash that will resolve all claims in the Action (the “Settlement”).

On July 13, 2010, the Court preliminarily approved the Settlement, preliminarily certified the Class, authorized this Notice to be sent to potential members of the Class, and scheduled the Final Approval Hearing to consider whether to grant final approval to the Settlement.

February 2008 - According to a press release dated February 6, 2008, the complaint charges that Maxim and certain of its former officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by engaging in improper stock option backdating that caused the issuance of materially false and misleading financial statements during the Class Period.
Specifically, the complaint asserts that on January 17, 2008, the Company announced that it would be restating its financial statements to record between $550 million and $650 million of additional stock-based compensation expense and that its previously issued financial statements could no longer be relied on. As a result of these adverse disclosures, the Company’s stock price has declined 22%.