LAWSUITS NEWS & LEGAL INFORMATION
Backdated Stock Options
Irvine, CA: (Apr-22-08) The US Securities and Exchange Commission brought charges against Irvine-based chipmaker Broadcom Corp., alleging that the company illegally backdated stock options for five years up to 2003. The Commission accused the company of boosting profits and minimizing losses with reduced compensation costs from backdated options. SEC spokespersons commenting on the case stated that the backdating scheme at Broadcom was orchestrated and carried out by Broadcom's most senior executives. The complaint named former chief executive Henry Nicholas; current chairman and chief technical officer, Henry Samueli; current general counsel David Dull; former chief financial officer Bill Ruehle; and former human resources director Nancy Tullos.
As part of a settlement reached between the two sides, sources familiar with the negotiations stated that Broadcom Corp. has agreed to pay $12 million to resolve the SEC's allegations. Broadcom didn't admit or deny wrongdoing in the settlement, stating that it was a business decision that avoided the costs and distractions of litigation. [ORANGE COUNTY BUSINESS JOURNAL: BROADCOM SETTLES SEC CHARGES FOR $12 MILLION"]
Published on Apr-24-08
As part of a settlement reached between the two sides, sources familiar with the negotiations stated that Broadcom Corp. has agreed to pay $12 million to resolve the SEC's allegations. Broadcom didn't admit or deny wrongdoing in the settlement, stating that it was a business decision that avoided the costs and distractions of litigation. [
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