Molex Inc.

Chicago, IL: (Mar-19-07) A lawsuit filed against Molex Inc. by the US Securities and Exchange Commission accused the Lisle, IL electronics manufacturer and its chief officers and directors of breaching their fiduciary duty in connection with certain alleged accounting adjustments and in connection with alleged misdating of certain stock option grants. In a settlement reached in an Illinois court, Molex agreed to appoint two independent directors to its board and adopt new procedures for granting stock options. Though it did not admit any liability, it agreed to pay a fee award of $500,000 in a filing with the SEC. [MARKET WATCH: MOLEX STOCKS]

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Published on Mar-21-07