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.

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