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Tech Roundup: KLA-Tencor General Counsel Faces Allegations of Backdating Stock Options, Linear Tech’s Shares Fall, and More

A roundup of news stories about Milpitas-based tech companies from the past week.

Lisa Berry, the former general counsel to Sunnyvale-based Juniper and Milpitas-based KLA-Tencor, was in court this week, facing allegations by the U.S. Securities and Exchange Commission of backdating stock options. Berry reportedly agreed to settle the case for $350,000, as well as give back more than $77,000 gained from backdating, though she is not admitting to, nor denying, the allegations.

Flash memory makers SanDisk Corporation, also based in Milpitas, announced this week that its fourth quarter net income fell 28 percent from last quarter, despite increased revenues. The company cited increased costs of research and development as the reason for decreased profits. Still, shares of the company’s stock rose by 75 cents – or 1.65 percent – in the hours following the announcement.

the country’s number one, most profitable public company in the Bloomberg ratings, Milpitas-based Linear Technology recently reported quarterly revenues that were down 8 percent – or roughly $28.6 million – from the previous quarter, and down 15 percent – or $58.7 million – from the first quarter of 2011. The company’s CEO cited decreased customer orders and “global economic sluggishness” as the reasons for the decreased revenues. Later in the week, it was reported that the company expects the current quarter to be “difficult,” which caused share prices to tumble. 

Milpitas-based company SS8 has been selected out of more than 100 companies as a SINET 16 Innovator. What does that mean? SS8 is a leading provider of cybersecurity solutions, helping to protect companies from interceptors and hackers. As a SINET 16 Innovator, SS8 representatives will present their communications analyses and interception solutions to members of U.S. defense, intelligence, homeland security and civilian federal agencies, as well as commercial, investment and research communities, at the 2011 SINET Showcase, to be held Oct. 26 at the National Press Club in Washington, D.C.

 

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