Trident Microsystems sued

NEW YORK

Trident Microsystems Inc. was named a defendant in a shareholder lawsuit seeking class-action status that alleges securities law violations related to backdated stock options.

The law firm of Stull Stull & Brody, which filed the suit, said the complaint alleges that certain current and prior officers and directors of the Santa Clara, Calif., chipmaker manipulated the prices of stock options in violation of the company's policies, as well as securities law.

Trident said recently it will restate results for the periods between 1994 and 2006 to correct measurement dates for stock-option accounting, and Chief Executive Frank Lin resigned, effective Nov. 15.

A Trident representative wasn't immediately available for comment on the lawsuit.

Trident shares closed down 55 cents, or 2.6 percent, at $20.40 on the Nasdaq Stock Market.