Broadcom backdating scandal


07-Sep-2017 02:56

broadcom backdating scandal-67

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Samueli was forced to resign, in part, because the company agreed last month to pay million to settle similar allegations with the SEC and, while not conceding wrongdoing, gave up its right to appeal.

It also calls for the executives to be barred for life from serving on the board of public companies.Broadcom makes chips used in computer networking, mobile phones such as Apple’s i Phone and games, such as the Nintendo Wii.The company, which employs more than 6,500 people around the world, is expected to sell nearly billion in chips this year.Samueli has no accounting training and was never responsible for the processing or accounting of stock options.” Samueli’s resignation will not affect his stewardship of the Anaheim Ducks hockey team and the Honda Center, both of which he owns, or his philanthropic activities, said Anaheim Ducks Chief Executive Officer Michael Schulman.

“There will be no changes in the management or operation of the club or Honda Center.Samueli’s attorney, Gordon Greenburg, issued a statement denying the SEC’s allegations against his client.