Broadcom options backdating indictment
The Santa Monica, Calif., videogame company said on July 28 that the SEC has asked the company for documents related to its stock-option grants as part of an informal inquiry.
The company also said its board has appointed a special subcommittee of independent directors to conduct an internal review of the companys historical stock-option grant practices. 25 the company said it appears likely that actual measurement dates for certain historical stock-option grants will be found to differ from the recorded grant dates for such awards.
Last month, a federal judge in Santa Ana, Calif., dismissed with prejudice federal criminal fraud charges against several Broadcom Corp.
In 2010, Lie told New York Times’ Dealbook reporter Peter Lattman, “I never expected my study would lead to anything.
Judge Carney’s decision is a case-hardened, bunker-buster, heat -seeking bomb — that hit the bulls-eye. Attorney Andrew Stolper, the lead prosecutor in the case, received particularly sharp criticism.
Among other things, he cites the prosecutors for "intimidating and improperly influencing" witnesses, which "compromised the truth process and compromised the integrity of the trial"; for making improper leaks to the media; for improperly pressuring Broadcom to terminate Samueli; for obtaining an "inflammatory indictment" of Samueli; and crafting "an unconscionable plea agreement" with Samueli. Among other things, Judge Carney said that "the lead prosecutor somehow forget that truth is never negotiable." Of the case against Ruehle, Judge Carney said that to submit it to the jury "would make a mockery of Mr.
At its peak, the government put approximately 123 companies under investigation for alleged accounting violations in the backdating and pricing of stock options given as compensation to company executives.
The investigations cost companies hundreds of thousands of dollars to defend, and resulted in the firing of several high-level executives.