TITLE

SEC charges KLA, former CEO for 'illicit' backdating scheme

AUTHOR(S)
Taylor, Colleen
PUB. DATE
July 2007
SOURCE
Electronic News;7/30/2007, Vol. 53 Issue 31, p20
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that U.S. Securities and Exchange Commission (SEC) filed charges against KLA-Tencor Corp. and its former CEO, Kenneth L. Schroeder, alleging that they engaged in backdating stock option grants. It is alleged that KLA concealed more than $200 million in stock option compensation by providing employees and executives with in-the-money options while secretly backdating the grants to avoid reporting the expenses to investors. Schroeder violated the federal securities laws.
ACCESSION #
26129395

 

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