SANTA CLARA, Calif., Sept. 27 /PRNewswire-FirstCall/ -- Coherent, Inc. (Nasdaq: COHR) today announced that it expects to restate certain of its previously issued financial statements to correct errors related to accounting for stock-based compensation expense.
As previously announced, a Special Committee was established by Coherent's Board of Directors to conduct an independent investigation relating to the Company's historical stock option practices. The Company requested the independent review following an internal review of its historical stock option practices, which was a voluntary review initiated in light of news of the option practices of numerous companies across several industries. The Special Committee, comprised of three independent members of Coherent's Board of Directors, retained independent outside counsel and forensic accountants to assist in conducting the investigation. Together with its independent counsel, the Special Committee conducted an extensive review of historical stock option practices including all awards made by the Company between January 1, 1995 and September 30, 2006, (the "Relevant Period") that included the review of over one million documents and over 30 interviews of current and former employees, directors and advisors.
As a result of the investigation, the Special Committee, with the
assistance of independent legal and forensic accounting experts, determined
that incorrect measurement dates for a significant number of stock option
awards during the Relevant Period were used. Following such determination,
the Company's management worked to determine the impact of the incorrect
measurement dates. The Company's management has substantially completed its
assessment of the
|SOURCE Coherent, Inc.|
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