Sanmina-SCI Cuts Ties to Implicated Executive
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Sanmina-SCI Corp. has severed ties with an executive accused of helping to manipulate the value of employee stock options in a nearly decade-long scheme now under investigation by a federal grand jury.
Sanmina spokeswoman Paige Bombino declined to identify the executive, saying only that it wasn’t the company’s chief executive or chief financial officer.
At least 27 other senior executives and directors have resigned or been fired by companies entangled in a stock option imbroglio that’s erasing previously reported profits and spurring government investigations.
On Thursday, the San Jose-based technology contract manufacturer revealed that it had received a subpoena from a federal grand jury in San Francisco, where a Justice Department task force is launching criminal investigations into the scandal.
Sanmina shares closed unchanged at $3.93. The company could also lose its Nasdaq listing.
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