Added: Ahley Elston - Date: 06.01.2022 20:17 - Views: 10692 - Clicks: 2812
The class-action lawsuit was filed by shareholders in August against Marvell and some former and current executives relating to the company's stock-option grant practices. The settlement is subject to approval by the U. District Court for the Northern District of California. The final approval, and an earlier agreement to settle a shareholder derivative lawsuit, will end shareholder litigation involving Marvell related to its past stock backdating practices, the company said in a statement.
The settlement follows other problems that Marvell has faced due to its stock backdating practices.
In a May 28 filing with the U. Securities and Exchange Commission, Marvell said it had to restate historical financial statements to record additional noncash charges for stock-based compensation expenses related to historical option grants. Incompany employees, including Marvell's current CEO, Sehat Sutardja, were found to have participated in instances of backdating. They agreed to repay the company for any profits made from such actions.
The company on Tuesday also restated its earnings for the first quarter of fiscal to reflect the impact of litigation fees and other expenses. Here are the latest Insider stories. More Insider Out. In Register. Out In Register.
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Marvell Tech, ex-COO settle SEC option backdating charges