Marvell Settles Shareholder Litigation For $72M

Law360, New York (June 10, 2009, 12:00 AM EDT) -- Semiconductor maker Marvell Technology Group Ltd. has reached a $72 million settlement in shareholder litigation over past stock option granting practices, a move that may allow the company to finally close the book on lawsuits over the grants.

The settlement, which is subject to court approval, provides for payments to class members who allege that options-backdating-related misstatements caused investors to lose money, the company said Tuesday.

The $72 million settlement announced Tuesday proposes to resolve consolidated securities class action litigation against the company filed in the...
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