Brooks Automation Denies Wrongdoing in Options Backdating Scandal

Aug. 1.06 | About: Brooks Automation, (BRKS)

Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):

Brooks Automation Cites 'False' Options Document

  • Summary: Robert Woodbury, Brooks Automation Inc.'s (NASDAQ:BRKS) CFO, said in an interview that the fortuitous timing of options grants to former CEO Mr. Robert Therrien, year in and year out, appeared to be coincidental. In addition, Woodbury claimed that an outside law firm's review related to options practices of two other former executives at the Chelmsford, Mass., maker of semiconductor equipment, Roger D. Emerick and Amin J. Khoury, may have contained many "crazy, stupid accounting errors" but were in no way illegal. The two stepped down from the company in May. Among the suspicion arousing cases being investigated at Brooks are grants dated May 31, 2000, to Messrs. Khoury and Emerick, as well as Mr. Therrien and others, at the nadir of a sharp dip in share price.
  • Comment on related stocks/ETFs: To read more about which other companies are involved in the current options backdating investigation being conducted by the SEC, see WSJ Options Scandal Scorecard.