Case Details for "Marvell Technology Group Ltd. "

Marvell Technology pays $72 million to settle class-action re backdating of stock-option grants

Marvell Technology Group Ltd. (MRVL) agreed to pay $72 million to settle a class-action lawsuit related to its backdating of stock-option grants.

The settlement of the suit, filed in federal court in 2007, requires court approval.

Last month, Marvell and one of its founders agreed to pay a $10 million fine to settle Securities and Exchange Commission charges of backdating stock-option grants. The SEC had accused the company of practices that allowed it "to overstate its income by $362 million from its fiscal years 2000 through 2006."

Posted on:2009-06-10
Company: Marvell Technology Group Ltd.
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Scope: Nationwide
Type of Case: Securities
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