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Back Dating Claims Its Latest Victim

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Broadcom, the semiconductor manufacturer, has announced plans to cancel nearly $37 million in "unexercised options" by three individuals involved in backdating over four and a half years. Broadcom announced today that its audit committee "found that-- particularly with respect to several companywide options grants--allocations of grants to some employees occurred after the grant dates for the total shares awarded had been established." It also noted, that the SEC had rammed up its "informal probe to a formal investigation."
Broadcom Cancels Backdaters' Options []