Kla tencor option backdating
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, 2008KLA-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.