Los Altos-Based Rambus to Restate Earnings; Shares Fall 14%

Los Altos, Calif. -- Rambus, a Los Altos-based designer of high-speed chip interfaces, said on Wednesday that it plans to restate more than three years of previously issued financial statements to correct errors related to accounting for stock-based compensation expenses. The news sent company shares down more than 14% in Wednesday's trading on the Nasdaq. Rambus said that its audit committee has concluded that the actual measurement dates for certain stock option grants differ from their recorded grant dates, creating the need to record additional expenses. As a result, Rambus said that it will restate its results for 2003, 2004 and 2005, as well as the first quarter of this year.
http://www.rambus.com/us/news/press_releases/2006/060719b.html