Trident Microsystems, a chipmaker for various CE products including HD sets, this week said that two U.S. federal agencies, the Justice Department and Securities and Exchange Commission, are investigating the firm’s accounting practices with stock option grants.
Trident said it’s fully cooperating with both probes. The company said its previously reported findings of more than $60 million in expenses dating back to 1992 had been due to incorrect accounting, according to the Associated Press.
The dual investigation so far indicates that Trident had incorrectly dated stock option grants for options on more than half (nearly 40 million shares) of its common stock offered over the past 14 years—beginning with its 1992 initial public offering.
Trident, based in Santa Clara, Calif., said its revised accounting methods also affect its Asian subsidiaries.
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