Stock Option Grants

Santa Clara, CA: (May-08-08) The US Securities & Exchange Commission (SEC) brought charges against Marvell Technology Group Ltd., over the company's historic stock option granting practices. The suit was brought after the SEC led a previously disclosed investigation into the company's stock option granting practices. As part of a settlement agreement reached in the case, company spokespersons stated that the company has agreed to resolve the charges by consenting to a permanent injunction against any future violations of various provisions of the federal securities laws. Marvell also agreed to pay a civil penalty of $10 million in connection with the settlement.

The SEC announced that apart from the deal with the company, in a separate but related agreement, Weili Dai, one of the Company's co-founders, also entered into a settlement with the SEC. Though no wrongdoing was agreed to, Dai consented to a permanent injunction against any future violations of various provisions of the federal securities laws. She also agreed not to serve as a director or officer of a public company for a period of five years, and to pay a civil penalty of $500,000. In a agreeing to settle, Marvell did not agree to any of the allegations against it or accept any liability. [YAHOO FINANCE: MARVELL TECHNOLOGY GROUP LTD. REACHES SETTLEMENT WITH SEC REGARDING HISTORIC STOCK OPTION GRANTING PRACTICES]

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Published on May-12-08