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SEC Charges Broadcom With Stock Option Backdating
April 23, 2008
(Associated Press)
SANTA ANA, Calif. - The Securities and Exchange Commission says it has charged Broadcom Corp. with falsifying its reported income by illegally backdating stock options for five years.
Federal officials said Tuesday the Irvine-based company, which makes semiconductors, has agreed to pay $12 million to settle the charges.
As a result, Broadcom restated its financial results in January 2007 and reported more than $2 billion in additional compensation expenses.
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