Kla tencor option backdating

14-Sep-2017 21:51

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The regulatory agency said that since 1997, KLA-Tencor, an S&P 500 company, concealed more than 0 million in stock option compensation by secretly backdating the grants to avoid reporting the expenses to investors.

Former CEO Kenneth Schroeder repeatedly backdated options between 19, and once in 2005, the SEC said.

The SEC also said it settled charges with the company for its involvement, but was not seeking fraud charges or a monetary penalty.

The Silicon Valley semiconductor company settled with the SEC without admitting or denying the allegations.

ICOS is headquartered in Leuven, Belgium and has R&D centers in Belgium, Germany and Hong Kong, sales and support offices in Japan, the USA, Singapore, Hong Kong, Korea and Taiwan and production facilities in Belgium, Hong Kong and China. Disclaimer: With the exception of the CBFA, no other authority in any other jurisdiction has approved the prospectus, the bid or any possible squeeze-out.

The bid is made only in Belgium and the United States, and no steps have been or will be taken with a view to obtaining authorization to distribute the prospectus in countries other than Belgium and the United States.

KLA-Tencor Announces Commencement of Tender Offer to Acquire Belgium's ICOS Vision Systems SAN JOSE, Calif.—April 7, 2008—KLA-Tencor Corporation (NASDAQ: KLAC) today announced the launch of its tender offer to purchase all outstanding shares, warrants and options of ICOS Vision Systems Corporation NV (Euronext: IVIS).

The board of directors of ICOS has issued a memorandum recommending that the security holders of ICOS accept KLA-Tencor's takeover bid, and the ICOS board members holding shares of ICOS have committed to tender their shares in the offer.

Headquartered in San Jose, California, KLA-Tencor has sales and service offices around the world.

The prospectus relating to the tender offer and the ICOS board memorandum referenced above have been approved by the Belgian regulator, the CBFA, on 1 April 2008.

Additional details regarding the offer and related acceptance procedures are set forth in the prospectus related to the offer.

The agency said the backdating in 2005 came after Schroeder received advice from company counsel that doing so without adequate disclosure was improper.

Shirli Weiss, an attorney for Schroeder, said in a statement that when Schroeder became CEO in 1999, inherited a process that appeared to him to be working properly.“The company’s failure to properly account for its option grants is the proper responsibility of those at the company charged with implementing its internal accounting controls,” she said.KLA-Tencor said in a statement that the settlement completely resolves the SEC’s investigation into its past stock option granting practices.ICOS's systems perform two- and three-dimensional (2D and 3D) inspection of IC's, wafers, solar cells, substrates, sockets, etc.

SEC Charges Former KLA-Tencor CEO With Fraud For Improper Stock Options Backdating - Commission Also Settles Claims Against KLA-Tencor. Date 25/07/2007… continue reading »

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Backdating Are the Lawyers to Blame. former in-house corporate attorney of KLA-Tencor Corp. and Juniper Networks, with backdating option grants from 1997 to 2003.… continue reading »

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Aug 27, 2007 WASHINGTON Reuters - The U. S. Securities and Exchange Commission said on Tuesday it has charged the former general counsel of KLA-Tencor Corp KLAC. O and Juniper Networks Inc JNPR. O with fraudulently backdating stock options. The SEC alleged Lisa Berry routinely backdated option grants from 1997.… continue reading »

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KLA-Tencor was not fined under the settlement with the Securities and Exchange Commission, which filed a civil lawsuit against the company in federal court in San Jose, Calif. The Silicon Valley company neither admitted nor denied the SEC's allegations but did agree to refrain from future violations of the securities laws.… continue reading »

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Million to settle one options backdating case Despite agreeing to pay what is reported to be one of the largest settlements in a securities class action based on backdating, semiconductor process control company KLA-Tencor Corp. still faces a tangleRead more ›… continue reading »

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