Xilinx Clears SEC Stock Options Probe
By Colleen Taylor -- EDN, November 30, 2006
Xilinx Inc. has cleared its good name regarding stock option granting issues.
The San Jose, Calif.-based programmable logic company today announced that the Securities and Exchange Commission (SEC) has wrapped up its investigation of the company's stock option granting practices and that no enforcement action has been recommended.
In June, Xilinx received notice from the SEC advising that the government agency had commenced an informal inquiry into the company's historical stock option-granting practices, and the company encountered legal action from a group of shareholders alleging the backdating of stock options.
Xilinx was by no means singled out by the commission: A number of tech companies have been subjected to investigations looking for evidence of stock options backdating in recent months.
In August, Xilinx announced that an internal review of its historical stock option-granting practices found no evidence of backdating fraud.
"We are extremely pleased to receive this notification from the SEC," Wim Roelandts, Xilinx's chairman, president and CEO, said in a statement. "We also would like to thank the members of our Special Committee for their comprehensive work in connection with the investigation."
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Martha Stewart was mugged. And these "guys" receive a "get out of jail free" card.
Please, if you believe this, then you also believe that there is NO civil war in Iraq, the tooth fairy is real, and there are NO white collar criminals (unless you are a woman like Martha).
Exon Erated - 2006-30-11 10:56:00 PST
