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Stock Option Abuses Cost KLA-Tencor Corp

Stock Option Abuses Cost KLA-Tencor Corp

Jan 26, 11:34 PM

KLA-Tencor Corp. has agreed to pay $65 million to resolve a shareholder lawsuit triggered by the computer chip supplier's rampant mishandling of employee stock options.

The abuses involved retroactively picking a date to price the underlying value of the stock options to increase the potential windfall for the recipient. The manipulation isn't illegal unless the maneuvering isn't recorded on the books properly - a problem that tripped up KLA-Tencor and a long list of other companies.

After federal regulators opened an investigation, KLA-Tencor opened its own inquiry. That led to the retirement of its chairman, founder Kenneth Levy, who acknowledged receiving improperly priced options.

To clean up its accounting mess, KLA-Tencor wiped out more than $230 million in previously report profits.

(c) 2008 Press-Telegram Long Beach, CA.. Provided by ProQuest Information and Learning. All rights Reserved. Stock Option Abuses Cost KLA-Tencor Corp
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