3Ware 2002 Annual Report Download - page 75

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APPLIED MICRO CIRCUITS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
11. Significant Customer and Geographic Information
Based on direct shipments, net revenues to customers exceeding 10% for the years ending March 31, were
as follows:
2000 2001 2002
Nortel .......................................................... 26% 10% 2%
Insight .......................................................... 17% 19% 10%
Looking through product shipments to distributors and subcontractors to the end customers, net revenues to
an end customer exceeding 10% for the years ending March 31, were as follows:
2000 2001 2002
Nortel .......................................................... 38% 20% 12%
Cisco ........................................................... 1% 9% 13%
Net revenues by geographic region were as follows (in thousands):
Fiscal Year Ended March 31,
2000 2001 2002
Net revenues:
North America ...................................... $132,119 $337,644 $ 98,361
Europe and Israel .................................... 28,980 56,807 29,159
Asia............................................... 11,253 41,092 25,320
$172,352 $435,543 $152,840
12. Contingencies
In April 2001, a series of similar federal complaints were filed against the Company and certain executive
officers and directors of the Company. The complaints have been consolidated into a single proceeding in the
U.S. District Court for the Southern District of California, In re Applied Micro Circuits Corp. Securities
Litigation, lead case number 01-CV-0649-K(AB). In November 2001, the court appointed the lead plaintiff and
lead plaintiff’s counsel in the consolidated proceeding, and plaintiff filed a consolidated federal complaint in
January 2002. The consolidated federal complaint alleges violations of the Securities Exchange Act of 1934
(the “1934 Act”) and is brought as a purported shareholder class action under Sections 10(b), 20(a) and 20A of
the 1934 Act and Rule 10b-5 under the 1934 Act. Plaintiff seeks monetary damages on behalf of the shareholder
class. In general, the consolidated federal complaint alleges that the Company and the individual defendants
misrepresented the Company’s financial prospects for the quarter ending March 31, 2001 to inflate the value of
the Company’s stock. Defendants brought a motion to dismiss the consolidated federal complaint in March 2002.
On May 9, 2002, the court granted the motion dismissing the complaint but giving plaintiffs 45 days to file an
amended complaint. No discovery has been conducted in this lawsuit.
In May 2001, a series of similar state derivative actions were filed against the directors and certain executive
officers of the Company. The state complaints have been coordinated and assigned to the Superior Court of
California in the County of San Diego, Applied Micro Circuits Shareholders Cases, No. JCCP No. 4193. In
November 2001, the court appointed liaison plaintiffs’ counsel in the coordinated proceeding, and plaintiffs filed
a consolidated state complaint in December 2001. The consolidated state complaint alleges overstatement of the
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