Broadcom, KLA-Tencor GCs Under Scrutiny
It's been a stressful few weeks for several prominent general counsel.
August 15, 2007 at 10:42 AM
2 minute read
The original version of this story was published on Law.com
It's been a stressful few weeks for three prominent general counsel.
On Aug. 8, Irvine, Calif.-based chipmaker Broadcom Corp.'s Senior Vice President and GC David A. Dull received a Wells Notice from the SEC. A Wells Notice informs the recipient that the SEC intends to recommend civil action against him and gives him a chance to respond in writing.
According to an SEC filing, Broadcom believes Dull is being investigated in relation to the company's historical options-granting practices and related accounting practices. In July, Broadcom Co-founder, Chairman and Chief Technical Officer Henry Samueli also received a Wells Notice. Both notices follow a January announcement that Broadcom would take a $2.2 billion charge due to improper backdating of stock option grants.
The SEC is also preparing charges against former KLA Tencor Corp. and Juniper Networks Inc. GC Lisa Berry, according to The Recorder's Justin Scheck. The legal newspaper reports Berry faces charges due to options backdating at both companies.
Berry served as GC for San Jose, Calif.-based semiconductor manufacturer KLA in 1997, the same year the company's backdating problems began. In June 1999, Berry began working for Sunnyvale, Calif.-based tech company Juniper; late last year, Juniper restated $900 million in expenses due to improper accounting of options between June 1999 and December 2003. Berry now works for Tellme Networks Inc. in Los Gatos, Calif.
Meanwhile, an Aug. 10 SEC filing reports Boulder, Colo.-based Wild Oats' GC Freya Brier was placed on administrative leave while she and the company sort out a dispute over her severance agreement. The dispute is based on the question of whether “a constructive termination has occurred in anticipation of a change in control.”
The FTC is currently attempting to block the organic grocery store chain's $565 million acquisition by Whole Foods on antitrust grounds. On Aug. 15, confidential FTC court filings on Whole Foods–mistakenly released to the public–revealed the company plans to close at least 30 Wild Oats stores.
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