The Securities and Exchange Commission will not seek to refile a civil action for stock-option backdating against four of Broadcom’s former executives.
The Associated Press reports that the SEC action against Broadcom’s co-founders Henry T. Nicholas III (pictured) and Henry Samueli, former chief financial officer William Ruehle and former corporate counsel David Dull has now been dropped. The SEC confirmed that yesterday, as well.
U.S. District Judge Cormac J. Carney threw out a civil suit in December last year, having earlier vacated a guilty plea by Mr. Samueli. After finding that prosecutors who had filed parallel criminal charges against Mr. Ruehle and Mr. Nicholas engaged in misconduct, Judge Carney strongly advised the SEC against refiling the case.
