Kla tencor option backdating

He received a Master’s degree in business from the Wharton School of the University of Pennsylvania in 1969.

Following Wharton, Schroeder worked at Hewlett-Packard as a manufacturing engineer, manufacturing engineering manager and operations manager of the computer division.

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But the evidence against Wilson Sonsini and its founder, Larry Sonsini, remained fairly circumstantial–until now.

Yesterday, Justin Scheck of reported on new evidence that ties Sonsini much more closely to the backdating.

In a press release upon his retirement, Chairman Kenneth Levy said, “During Ken’s tenure as CEO, KLA-Tencor’s sales doubled from $1 billion to $2.1 billion and retained earnings tripled from $700 million to $2.1 billion.” In connection with his retirement, Schroeder entered into an agreement with KLA-Tencor that he would be employed as a “part-time advisor” to insure a smooth transition of power and prevent him from working for a competing company.

In the wake of a stock option backdating probe by the SEC of KLA-Tencor, the company terminated its contract with Schroeder in 2006. Attorney’s Office concluded their two-year stock options backdating probe of Schroeder.

In total, Schroeder worked for KLA-Tencor for 22 years. No indictment was filed due to a lack of evidence, and due to the fact that Schroeder did not exercise or profit from the allegedly backdated option grants.

Following the Wall Street Journal's 2006 expose of stock option backdating, the SEC alleged that Schroeder had engaged in this practice.

Acknowledging Schroeder's management skill, KLA-Tencor was deemed "one of the best run semiconductor equipment companies in the world" in January 2005 by Electronic Business Magazine, which featured Mr. Schroeder grew KLA-Tencor's work force over 30% while he was CEO.

When Schroeder retired from the CEO position the company had grown to over 5570 employees.

Last summer, the widening options backdating scandal enveloped one of Silicon Valley's most eminent law firms, Wilson Sonsini.

Reporters at the* The Recorder*, a California legal newspaper, found that the law firm had represented at least half of the 32 Silicon Valley companies that were implicated in the scandal by giving curiously well-timed stock option grants to their executives.

A semiconductor maker, KLA-Tencor, has restated earnings to the tune of 0 million on order to account for backdating during the period when Mr. Even more damning, Sonsini's signature – along with that of Apple CEO Steve Jobs – is on paperwork authorizing backdated options grants at Pixar, according to sources cited by .


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