MANHASSET, N.Y. Communications semiconductor supplier Broadcom Corp. has filed a Form 12b-25 notification with the Securities and Exchange Commission warning of a delay in filing its Form 10-Q for the quarter ended June 30, 2006, due to an ongoing investigation of its stock option grant practices.
Broadcom (Irvine, Calif.) initiated its own review of stock options practices May 18, with the Securities and Exchange Commission initiating an investigation in June.
Last month, an audit committee appointed by Broadcom recommended the company restate five years of financial results covering 2000 through 2005, as well as the first quarter of 2006. Broadcom announced it would record a $750 million non-cash expense related to the investigation, which would not affect previously reported revenues.
Broadcom is not yet able to estimate when it would file its Form 10-Q for the June quarter, as well as an amended Form 10-K report for the year ended Dec. 31, 2005 and Form 10-Q for the quarter ended March 31, 2006.