Broadcom Delays Q2 Filing
Staff Reporter -- EDN, August 10, 2006
Broadcom Corp. plans to delay the filing of its Form 10-Q with the U.S. Securities and Exchange Commission.
The company made the disclosure in a new filing with the SEC. The delay in filing stems from Broadcom's plans to restate its earnings for the last five years after its internal investigation of stock option awards practices revealed the company engaged in backdating.
Broadcom said that its investigation has revealed a preliminary conclusion of backdating for stock option grants during the years of 2000 through 2002. As a consequence, the company said it expects to record additional non-cash stock-based expenses and to restate its earnings for the years 2000 through 2005 as well as for Q1 of 2006, and to file an amended Form 10-K for each of those years, and an amended Form 10-Q for Q1 2006.
Broadcom offered no estimate of when the amended Forms and its Q2 Form 10-Q would be filed.
The company noted that its internal investigation is ongoing, and may still yield further results.
