Marvell Reaches Settlement with SEC

Marvell Technology Group Ltd. has entered into a settlement with the Securities & Exchange Commission  in connection with the SEC’s previously disclosed investigation into the Company’s historic stock option granting practices.

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. The Company 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.

For more information, read this article from AP:
Marvell Technology paying $10M to settle case