Investors' Backdating Suit Against Broadcom Survives

Law360, New York (February 4, 2009, 12:00 AM EST) -- A federal judge has allowed a shareholder class action against Broadcom Corp., alleging a stock options backdating scheme adversely affected the semiconductor manufacturer’s stock price, to proceed.

In a bench order Monday, Judge Manuel L. Real of the U.S. District Court for the Central District of California denied motions by most of the defendants seeking dismissal of the class action led by the New Mexico State Investment Council.

The judge found that the investment council was able to show enough of a tie between the drop...
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