Friday, August 11, 2006

Broadcom Delays 10Q Filing

Irvine-based Broadcom has announced in a SEC filing that it is delaying the filing of its quarterly report, due to ongoing reviews of its equity awards practices. The firm filed a Notification of Late Filing with the SEC last night, saying that it is unable to file a quarterly 10-Q report with the SEC in a timely manner. Broadcom said that it plans to file its Q2 10-Q after it concludes its equity award review. Broadcom had announced in May that it was commencing a voluntary review of its equity award practices, covering option grants and other awards. The firm has so far determined it will have to restate its financals for the years ending December 31, 2000 through December 31, 2005. The firm is being audited by Ernst & Young. Broadcom is one of a large number of electronics firms that have so far been impacted by the SEC's investigation into widespread stock options backdating in the high tech industry.