SEC Settles Backdating Case, Sues CEO

Law360, New York (July 25, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission capped off its investigation into backdating of stock option grants at KLA-Tencor Corp. by reaching a settlement agreement with the company and filing civil charges against its former chief executive.

The SEC filed separate complaints against the company and its former executive, Kenneth L. Schroeder, on Wednesday in the U.S. District Court for the Northern District of California, alleging that they engaged in an illegal scheme to backdate stock option grants.

KLA-Tencor reached a settlement with the regulator on the...
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