Broadcom Corp.’s liability insurance carrier has agreed to pay $118 million to settle allegations of stock-options backdating in one of the largest such settlements in a derivative action to date. The settlement, subject to approval by federal court, would be the second-largest in a derivative action involving stock-options backdating.
Shareholders contended that the Defendants manipulated Broadcom’s stock options from 1997 to 2007 to enrich themselves and that Broadcom issued false and misleading statements to regulators. Broadcom restated earnings downward by $2.2 billion. Richard Heimann, a partner at San Francisco’s Lieff Cabraser Heimann & Bernstein is the lead Plaintiffs’ lawyer in the case.
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