Broadcom Faces, Then Settles, Backdating Charges

Law360, New York (April 22, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission said Tuesday that it had filed formal charges against Broadcom Corp. for violations connected to backdating stock options over a five-year period, and the company agreed to settle them.

The Irvine-Calif.-based semiconductor company has agreed to settle charges that it falsified its reported income by backdating stock options and will pay a $12 million penalty, the SEC said Tuesday.

The complaint, filed in the U.S. District Court for the Central District of California, claims Broadcom backdated stock options from June...
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