SAN JOSE -- Troubles continued at EMS firm Sanmina-SCI which this week concluded that its financial statements for the fiscal periods from September 2002 through April 2006 will be restated. The firm will take material charges for problems stemming from past stock option grants.

The company had previously disclosed a special special committee of its board to review matters related to stock option policies and practices dating to Jan. 1, 1997.


Sanmina said the committee's fact gathering and analysis is nearing completion but no conclusion has been made about the company's stock option practices. The committee did conclude that the actual date of determination for certain past stock option grants differed from the originally selected grant dates for such awards.

Sanmina will take additional charges to its stock-based compensation expense which were not included in those financial statements dating to September 2002. The amounts of these charges are material, the company said.

• Prev
• Next