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Broadcom Discloses SEC Probe Into Litigation Reserves

DOW JONES NEWSWIRES The U.S. Securities and Exchange Commission is investigating Broadcom Corp.'s (BRCM) accounting of litigation reserves as far back as June 2010, the company disclosed Friday. Shares fell 2.7% at $35.75 after hours Friday after the chip maker said the SEC's Los Angeles office said it will conduct a formal investigation into the matter. In a public filing with the SEC Friday, Broadcom said it believes a former employee's allegations in April about litigation reserves in the first quarter of 2011 triggered the investigation. The company held reserves at the time to address intellectual-property claims. Broadcom said it completed an internal review of the allegations with outside counsel and didn't find any improprieties. The internal review also determined the company shouldn't restate its financial statements for 2010 and the first quarter of 2011. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Broadcom (BRCM)
DateTimeHeadline
07/30/201519:20:06Tax Status of Avago-Broadcom Merger Uncertain
07/30/201519:18:21IRS Declines to Assure Avago Takeover Will Be Tax-Free to Broadcom...
07/30/201517:41:18Quarterly Report (10-q)
07/30/201517:07:15Broadcom Swings to a Profit on Higher Demand
07/30/201517:04:42Filing of Certain Prospectuses and Communications in Connection...
07/30/201516:09:41Current Report Filing (8-k)
07/30/201516:05:00Broadcom Reports Second Quarter 2015 Results
07/27/201508:00:00Broadcom Announces Scalable 25/50G Ethernet Controller Product...
07/20/201520:40:24Qualcomm to Conduct Strategic Review, May Consider Breakup
07/06/201516:36:44Statement of Changes in Beneficial Ownership (4)
06/29/201519:48:10Statement of Changes in Beneficial Ownership (4)
06/25/201508:00:00Broadcom Expands Strategic Collaborations in China
06/17/201517:04:18Filing of Certain Prospectuses and Communications in Connection...
06/13/201514:19:035 Gadgets Under $100 That Will Blow Your Mind
06/12/201517:35:41Statement of Changes in Beneficial Ownership (4)
06/10/201510:11:53These Stocks Just Raised Their Dividends
06/10/201508:00:00Broadcom Extends Mass Market Distribution Strategy to Include...
06/09/201508:10:00Broadcom Delivers Multi-Channel DVB-S2X Satellite Set-Top Box...
06/09/201508:05:00Broadcom Announces Industry's First Multi-Gigabit Set-Top Box...
06/09/201508:00:00Broadcom Leads Ultra HD Performance with Next-generation Chip

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