WASHINGTON AP – Semiconductor maker Marvell Technology Group Ltd. on Thursday agreed to pay a $10 million civil fine to settle regulators’ allegations of improper backdating of stock options.
The Securities and Exchange Commission announced the settlement with the Silicon Valley company for allegedly failing to publicly disclose the employee stock-option awards as expenses and backdating the options to dates with lower stock prices. Santa Clara, Calif.-based Marvell neither admitted nor denied wrongdoing under the accord but did agree to refrain from future violations of the securities laws.
