Broadcom to Restate Earnings7/14/2006 5:57 AM Eastern
Broadcom will restate earnings for at least the past five years after finding problems with how it accounted for stock-option grants.
The chip maker will also record an additional $750 million noncash expense.
Broadcom’s audit committee discovered that some stock-option grants awarded from 2000-02 had been backdated, according to AP.
The company will restate financial results from 2000-05 and the first quarter of 2006, AP reported.