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Thursday, May 15, 2008
Broadcom Suspends Samueli, Dull On Stock Options Lawsuit
Irvine-based semiconductor firm Broadcom Corporation said late Wednesday, that Dr. Henry Samueli, one of the firm's founders and current Chief Technology Officer and Chairman; and David A. Dull, the firm's Senior Vice President and General Counsel, have both taken a leave of absence due to a civil complaint filed against the firm by the Securities and Exchange Commission. The SEC filed suit against Broadcom yesterday over its stock option grant practices, saying that four of the firm's officers were involved in a five-year, systematic scheme to backdate stock options. The suit also named former CFO William J. Ruehle and co-founder Henry T. Nicholas as co-defendants. The SEC suit, which was filed in the federal district court of the Central District of California, claims the officers fraduently backdated options from 1998 to 2003. The SEC is seeking permanent injunctions, civil monetary penalties, disgorgement of prejudgement interest and reimbursement of bonuses and profits from stock sales. The SEC claims that Ruehle gained $100,000 and Dull $1.8M from the backdating. Samueli has also resigned as a member of Broadcom's board of directors and Chairman, and has been replaced by John E. Major.
posted on Thursday, May 15, 2008
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