On Aug. 27, 2007, Standard&Poor's Ratings Services placed its 'BB-' corporate credit rating on Fremont, Calif.-based Lam Research Corp. on CreditWatch with negative implications following the company's announcement that it will be unable to timely file its 2007 form 10-K. The company stated that it intends to file as soon as practicable, but does not expect that the 10-K will be filed "on or before the fifteenth calendar day following the required filing date as prescribed in Rule 12b-25." The delay has been caused by a review of the company's historical stock option practices. While it is too early to assess the outcome of the investigations, Lam's liquidity (unrestricted cash and investments totaled $1.1 billion at March 25,
