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.
This year, Silicon Valley’s corporate lawyers are at long last the popular kids again as tech companies are going public en masse for the first time in years.
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