Broadcom backdating stock options am radio dating segment friday charlotte

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SANTA ANA – Federal officials charged semiconductor-maker Broadcom today with falsifying its reported income by illegally backdating stock options for five years.

The Irvine-based company agreed to pay million to settle the charges without admitting or denying the allegations, the U. Securities and Exchange Commission said in a statement. Nicholas III and Henry Samueli did not immediately return calls.

A Broadcom spokesman did not immediately return an e-mail seeking comment.

Nicholas’ spokesman, Mark Saylor, did not return a call seeking comment.

The manipulation itself isn't necessarily illegal, but securities laws require companies to properly disclose the practice in its accounting and settle any charges that may result.

Other companies have recorded expenses for prior years after investigating the backdating of options grants, but none to the extent of Broadcom.

The company said Tuesday it would also record an options-related charge of .2 million for the first quarter of 2006.

It also filed all outstanding earnings reports with the SEC, a step necessary to prevent its stock from being delisted from the Nasdaq Stock Market.

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Stock options give employees the right to buy shares in the future at the market price on the date a grant is approved.

The company first revealed last July that its audit committee discovered that some stock option grants awarded from 2000 to 2002 had been backdated, and that it expected to record an additional 0 million in stock-based compensation expenses.

In September, the company said it had found additional backdated stock options which would cause it to record expenses of at least

Stock options give employees the right to buy shares in the future at the market price on the date a grant is approved.

The company first revealed last July that its audit committee discovered that some stock option grants awarded from 2000 to 2002 had been backdated, and that it expected to record an additional $750 million in stock-based compensation expenses.

In September, the company said it had found additional backdated stock options which would cause it to record expenses of at least $1.5 billion.

The SEC said that as a result of the fraud, Broadcom restated its financial results in January 2007 and reported more than $2 billion in additional compensation expenses – the largest accounting restatement to date because of backdating.

“The backdating scheme at Broadcom went on for five years, involved dozens of option grants,” Linda Chatman Thomsen, director of the SEC’s enforcement division, said in a statement. attorney’s office has also launched a probe into stock-option backdating at Broadcom.

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Stock options give employees the right to buy shares in the future at the market price on the date a grant is approved.The company first revealed last July that its audit committee discovered that some stock option grants awarded from 2000 to 2002 had been backdated, and that it expected to record an additional $750 million in stock-based compensation expenses.In September, the company said it had found additional backdated stock options which would cause it to record expenses of at least $1.5 billion.The SEC said that as a result of the fraud, Broadcom restated its financial results in January 2007 and reported more than $2 billion in additional compensation expenses – the largest accounting restatement to date because of backdating.“The backdating scheme at Broadcom went on for five years, involved dozens of option grants,” Linda Chatman Thomsen, director of the SEC’s enforcement division, said in a statement. attorney’s office has also launched a probe into stock-option backdating at Broadcom.

.5 billion.

The SEC said that as a result of the fraud, Broadcom restated its financial results in January 2007 and reported more than billion in additional compensation expenses – the largest accounting restatement to date because of backdating.

“The backdating scheme at Broadcom went on for five years, involved dozens of option grants,” Linda Chatman Thomsen, director of the SEC’s enforcement division, said in a statement. attorney’s office has also launched a probe into stock-option backdating at Broadcom.

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