Broadcom backdating options
Broadcom was forced to reduce its earnings by .2 billion because of the backdating – the largest restatement of any company facing a federal investigation.
Broadcom President and Chief Executive Scott Mc Gregor said in a statement that Carney’s decision removes “an issue that, for some observers, may have partially obscured Broadcom’s tremendous business successes.” Broadcom conducted an internal investigation into the backdating, which faulted Nicholas, Ruehle and Tullos, who testified as a government witness in Ruehle’s trial. She had pleaded guilty to one count of obstruction of justice for ordering a subordinate to delete an e-mail about backdating.
have agreed to settle the case for 8 million, to be funded entirely by the company’s D&O insurance carriers.
“Obviously, we are really happy.” As the half-hour hearing adjourned, Nicholas and Samueli found each other in the aisle. ” as he patted his former business partner on the back. 2 hearing on separate drug-distribution charges against Nicholas.
They hadn’t talked in years because of the government’s case against them. The men, with tears in their eyes, hugged for about a minute. He said prosecutors will need to convince him why he shouldn’t dismiss that case too.
Besides dismissing the criminal options-backdating cases, Carney also dismissed the Securities and Exchange Commission’s lawsuit.
The commission had sued Nicholas, Samueli, Ruehle and Dull in May 2008.