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Shareholders Slam KLA-Tencor In Amended Suit

Law360 (March 22, 2007, 12:00 AM EDT) -- A consolidated securities class action complaint has been filed against KLA-Tencor amidst a U.S. Securities and Exchange Commission probe into the technology company’s admitted backdating.

The 183-page amended complaint was filed March 6 on behalf of all investors who bought KLA-Tencor stock between June 30, 2001 and May 21, 2006. The lawsuit accuses the company and several of its current and former executives of intentionally backdating stock option grants so that employees could reap bigger profits when they exercised their options.

The company has admitted that...
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