Technology

Broadcom to Restate Earnings

7/14/2006 5:57 AM Eastern

Broadcom will restate earnings for at least the past five years after finding problems with how it accounted for stock-option grants.

The chip maker will also record an additional $750 million noncash expense.

Broadcom’s audit committee discovered that some stock-option grants awarded from 2000-02 had been backdated, according to AP.

The company will restate financial results from 2000-05 and the first quarter of 2006, AP reported.

Want to read more stories like this?
Get our Free Newsletter Here!
August

Cloud Summit

Raleigh Marriott City Center, Raleigh, NC

October