Broadcom Blames Founder For Backdating

Law360, New York (January 24, 2007, 12:00 AM EST) -- One of Broadcom Corp.'s founders was partly to blame for the options backdating scandal that saw the semiconductor company reveal an extra $2.2 billion in expenses on Wednesday, the company said.

Former president and CEO Henry T. Nicholas bore “significant responsibility” for the lack of adequate controls in the options granting process, Broadcom said in its belated filing with the U.S. Securities and Exchange Commission.

The Silicon Valley company blamed the former chief’s “tone and style of business” for the failings.

Broadcom said that while none...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.