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Applied Micro hit with shareholder suit

San Diego-based law firm Finkelstein & Krinsk announced Tuesday it filed a shareholder lawsuit against Applied Micro Circuits, a San Diego-based company that produces silicon for optical markets. Applied Micro's stock traded midday Tuesday at $24.56, down 67.3 percent since the beginning of the year and down 77.6 percent since its 52-week high of $109.75. The lawsuit alleges that certain Applied Micro managers "participated in a scheme to artificially inflate the company's stock" from Nov. 30 to Feb. 5, when executives misrepresented sales and prospects for growth and cashed in stock worth $100 million. It's the latest in a string of lawsuits against companies such as Cisco Systems, Amazon.com and i2 Technologies, whose slumping shares have raised hackles of angry investors and lawyers.

San Diego-based law firm Finkelstein & Krinsk announced Tuesday it filed a shareholder lawsuit against Applied Micro Circuits, a San Diego-based company that produces silicon for optical markets. Applied Micro's stock traded midday Tuesday at $24.56, down 67.3 percent since the beginning of the year and down 77.6 percent since its 52-week high of $109.75.

The lawsuit alleges that certain Applied Micro managers "participated in a scheme to artificially inflate the company's stock" from Nov. 30 to Feb. 5, when executives misrepresented sales and prospects for growth and cashed in stock worth $100 million. It's the latest in a string of lawsuits against companies such as Cisco Systems, Amazon.com and i2 Technologies, whose slumping shares have raised hackles of angry investors and lawyers.