Added: Deniz Carmody - Date: 13.11.2021 01:21 - Views: 43123 - Clicks: 6349
The Securities and Exchange Commission has charged semiconductor maker Marvell Technology Group and its co-founder with backdating employee stock option grants. Dai also consented to an order barring her from serving as an officer or director of a public company for five years. The complaint alleges that Marvell granted potentially lucrative "in-the-money" options at below-market prices to employees and later backdated them rather than report the compensation expenses to shareholders.
The SEC alleged that Dai, acting as Marvell's "stock option committee," routinely reviewed lists of Marvell's historical stock prices and picked the date with the lowest, or one of the lowest, stock prices since the grant date.
This date would then be communicated to Marvell personnel as the date on which the stock option committee had purportedly met and authorized the option grant. To make it appear that Marvell had actually granted the options on that date, Dai ed falsified minutes attesting to a meeting of the committee on that earlier date.
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Marvell settles backdating suit for $72 million