Analog Devices says SEC probing company's stock-option grants

WASHINGTON -- Analog Devices Inc. Wednesday said the Securities and Exchange Commission is conducting an inquiry into the chip maker's granting of stock options over the last five years to officers and directors.

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ADI, which is based in Norwood, Mass., said in its annual report that it believes other companies have received similar inquiries.

ADI grants stock options to "a broad base of employees," including officers and directors, "and in some years those grants have occurred shortly before our issuance of favorable annual financial results," the company said.

ADI said it plans to cooperate with the agency.

The company makes chips for analog and digital signal processing. It had revenue of $2.63 billion for the year ended Oct. 30.

Shares of ADI edged up 82 cents, or 2.2 percent, to close Wednesday at $37.71 on the New York Stock Exchange.