Wednesday, December 30, 2009
Broadcom To Pay $160.5M to Settle Class Action Lawsuit
Irvine-based Broadcom reported Tuesday that the firm has agreed to settle a class action, securities lawsuit against the firm, in exchange for a $160.5M cash payment. The lawsuit was related to stock options backdating. As part of the settlement, Broadcom said it continues to deny any liability or wrongdoing. The class action suit was filed by investors who bought or acquired shares of Broadcom between July 21, 2005 and July 13, 2006. Broadcom said the settlement is subject to approval by the U.S. District Court for the Central District of California, and will result in a one-time charge in its 2009 fourth quarter results.