Brooks Automation settles charges of fake account data

Brooks Automation Inc. has finally settled charges of fake income data brought earlier by the Securities and Exchange Commission.

The SEC blamed the company for overstated income and understated compensation expenses by $64.5 million for a 10-year period.

The court learned that stock option backdating by the company's former CEO, Robert Therrien, and improper accounting by Brooks led to misleading disclosures from 1996 to 2005.

As a result the court ruled a permanent injunction against violations of the reporting, books and records, and internal controls provisions of the federal securities laws.

Brooks Automation Inc. helps customers increase productivity, lower costs and improve return on investment. In addition to best-in-class hardware products and services, Brooks offers complete, tightly integrated solutions that optimize manufacturing equipment, factory and productivity.


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Author`s name: Editorial Team