On behalf of Lead Plaintiff the New Mexico State Investment Council, Labaton Sucharow LLP as Lead Counsel for the Class is prosecuting the consolidated federal securities class action against Broadcom Corp. and a number of individual officers and directors, including company founders Henry T. Nicholas III and Henry Samueli.

Over a period of nearly five years, Broadcom and the individual defendants are alleged to have orchestrated a fraudulent scheme to artificially inflate the company’s stock price through manipulation of stock options and false reporting of its financial statements. Defendants’ scheme is unprecedented in magnitude, involving options to purchase over 239 million shares and resulting in a $2.2 billion restatement – the largest restatement ever in connection with the backdating of stock options. In early 2007, Broadcom issued a restatement of its historic financial statements for 1998 to 2005, in which it admitted that every financial statement and quarterly and annual report it issued as a public company was materially false and misleading. Recently, Broadcom’s former Vice President of Human Resources, Nancy Tullos, pled guilty to crimes in connection with the federal probe into this matter. As part of her admission of guilt she has agreed to cooperate with investigators examining allegations that top Broadcom executives backdated stock options to secretly benefit themselves and other high-level employees.

Labaton Sucharow is conducting a proprietary investigation into the matter as it furthers its prosecution efforts on behalf of Lead Plaintiff.