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Broadcom to Settle Shareholder Lawsuit

June 25, 2005|From Bloomberg News

Broadcom Corp. of Irvine, a maker of microchips for consumer electronics, said it would pay $150 million in cash to settle a class-action lawsuit accusing the company of withholding information from shareholders.

Insurance will cover $40 million of the payment and the company will expense the rest in the second quarter, according to Broadcom, which admitted no wrongdoing.

The suit centered on complaints that executives failed to disclose financial details of warrants related to five acquisitions in 2000 and 2001.

Shares of Broadcom fell 48 cents to $36.79.

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