Extreme Networks’ Board of Directors appointed a special committee to review the company’s historical practices for stock option grants and the accounting for option grants. The special committee has retained outside independent legal counsel to assist it in its review.
Extreme had earlier received and responded to an informal inquiry letter from the Securities and Exchange Commission requesting that the company voluntarily provide documents related to the same subject matter.
The company also said it will delay filing its Form 10-K for the year ended July 2, 2006.
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