Broadcom denied in bid to end shareholder suit

Broadcom Corp. of Irvine lost a bid to dismiss a shareholder lawsuit over backdated stock options given to the semiconductor maker’s executives.

U.S. District Judge Manuel Real in Los Angeles, in a notice posted on the court’s website Thursday, denied Broadcom’s motion to dismiss the consolidated shareholder complaint. The notice didn’t explain the reasons for his decision.

Shareholders filed multiple lawsuits last year claiming that they lost money because of the backdating. In January, Broadcom restated financial results for 1998 to 2005 to reflect $2.2 billion in unreported expenses because of improperly backdated options. The lawsuits were combined in November.