Wednesday, May 7, 2008

Marvell Settles Stock Option Case with the SEC

Marvell reached a settlement with the Securities & Exchange Commission ("SEC") in connection with its past stock option granting process. Without admitting or denying the allegations in the SEC's complaint, the company agreed to settle the charges by consenting to a permanent injunction against any future violations of various provisions of the federal securities laws. Marvell will also pay a civil penalty of $10 million in connection with the settlement.


In a related agreement, Weili Dai, one of the company's co-founders, also entered into a settlement with the SEC. Without admitting or denying the allegations in the SEC's complaint, Ms. Dai consented to a permanent injunction against any future violations of various provisions of the federal securities laws, agreed not to serve as a director or officer of a public company for a period of five years, and will pay a civil penalty of $500,000.http://www.marvell.com

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