One of the longest-running fights waged by the Securities and Exchange Commission over stock option backdating has settled. Former KLA-Tencor CEO Kenneth Schroeder has agreed to pay a $275,000 fine to resolve allegations that he ignored the advice of lawyers and backdated stock options, including his own. Still unresolved is whether Schroeder will be prohibited from serving in the future as an officer or director at a publicly traded company.
June 21, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
One of the longest-running fights waged by the Securities and Exchange Commission over stock option backdating has settled.
Former KLA-Tencor CEO Kenneth Schroeder has agreed to pay a $275,000 fine to resolve allegations that he ignored the advice of lawyers and backdated stock options, including his own. Yet, KLA had already agreed to pay Schroeder $16.5 million to settle claims that the company improperly cancelled stock options when it terminated him.
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