Broadcom and backdating 100 australian dating site
September 1, 2009 (PLANSPONSOR.com) - Broadcom Corp.has agreed to pay 8 million to settle allegations of stock options backdating, in what lead plaintiffs' attorneys say would be the second largest settlement in a derivative action involving stock options backdating.Broadcom Corporation, which previously settled its options backdating related derivative suit for 8 million, announced on December 29, 2009 (here) that it had settled the separate options backdating related securities class action lawsuit pending against the company and certain of its directors and officers in exchange for its agreement to pay 0.5 million. Because the company provided its D&O insurers with complete releases in connection with the prior derivative settlement, Broadcom apparently is funding the class action settlement entirely out of its own resources.Broadcom’s press release states that it will be recording the settlement amount as a one time charge in its fourth quarter 2009 financial statements.
Nicholas, III, Broadcom’s co-founder and former Chief Executive Officer, and Henry Samueli, Broadcom’s co-founder and former Chief Technology Officer.Ruehle, which sought damages in excess of million.Coupled with the earlier 8 million partial settlement, the total recovery in the derivative action was 7 million, which constitutes the third-largest settlement ever in a derivative action involving stock options backdating.Shareholders had contended that the individual defendants manipulated Broadcom's stock options from 1997 to 2007 to enrich themselves and that Broadcom issued false and misleading statements to the U. The company previously settled SEC charges, agreeing to pay a -million penalty (see Broadcom to Pay M to Settle Options Backdating Charges ).The largest settlement in a derivative action involving stock options backdating involved United Health Group Inc.
Search for broadcom and backdating:
Law360, New York (June 5, 2008, AM EDT) -- The co-founder of Broadcom Corp.