Applied Micro Circuits Corp. Securities Litigation

On and after April 12, 2001, 10 actions were filed in the United States District Court for the Southern District of California (the "Court") as securities class actions on behalf of persons who purchased the publicly traded common stock or options of Applied Micro Circuits Corporation ("AMCC" or the "Company"). These actions subsequently were consolidated for all purposes as In re Applied Micro Circuits Corp. Securities Litigation, Lead Case No. 01-CV-0649-BEN (AJB) (hereinafter the "Litigation" or "Action").

The operative complaint in the Litigation is the First Amended Consolidated Class Action Complaint (the "Complaint"). The Complaint alleges violations of §§10(b), 20(a) and 20A of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Litigation is brought on behalf of a class consisting of all persons who purchased or acquired the common stock or call options or sold put options of AMCC between November 13, 2000 and February 5, 2001 inclusive.

This case has been hard fought and vigorously litigated since 2001. On October 3, 2002, the Court denied Defendants' Motion to Dismiss the Complaint, and on October 18, 2002, Defendants answered the Complaint. The Class was certified July 15, 2003 after a vigorous opposition to class certification by Defendants and a Notice of Pendency of the Action was duly given to Members of the Class.

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