SAN DIEGO-Applied Micro Circuits Corp. said it has settled a securities class-action lawsuit against the company and certain current and former officers and directors.
The four-year-old lawsuit alleged the company failed to warn shareholders of a downturn in business. The settlement, which must still be approved by the court, is for $60 million.
The company has recorded a charge of about $29 million in its third fiscal quarter, and it expects its insurers to pay the remainder.
