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Irvine-based Broadcom Corp. announces settlement in stock options backdating case
IRVINE - Irvine-based Broadcom Corp. announced today it settled a class-action lawsuit brought against the Fortune 500 company over the backdating of employee stock options.
The issue took center stage earlier this month as a federal judge, citing prosecutorial misconduct, threw out fraud charges related to employee stock options against Broadcom's former chief financial officer, William
Ruehle, and co-founder Henry T. Nicholas III.
U.S. District Judge Cormac Carney also tossed Broadcom co-founder Henry Samueli's guilty plea in a Securities and Exchange Commission case related to the same issue.
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But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
Senior Vice President News, Editor in Chief
