June 11, 2009

Marvell Technology Settles

Marvell Technology Group Ltd. (NASDAQ: MRVL), a Santa Clara-based developer of of storage, communications and consumer silicon solutions, has announced the preliminary settlement of the securities class action pending against the company in the N.D. of California. The case was filed in 2007 and relates to Marvellís historic stock option granting practices.

The settlement is for $72 million. According to the helpful Securities Class Action Services tracking chart, it is the fourth-largest settlement of an options backdating class action (the top three, in order, are UnitedHealth Group, Brocade, and Mercury Interactive).

Posted by Lyle Roberts at June 11, 2009 6:50 PM | TrackBack
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