Marvell backdating

The rest of the options are performance-based, and won’t vest until the company files a 10-K reporting that its “pro-forma” earnings per share is twice what it was for fiscal year 2007.You’d think Marvell could easily say exactly what that number was for 2007, seeing as it’s fiscal year ended Jan. Instead, the filing spells out the sorts of items that could or could not be included in the pro-forma calculation.Prior to his academic career, Professor Cedergren spent six years in the Assurance practice of Pricewaterhouse Coopers LLP in San Jose, California, where his responsibilities included financial statement audits and Sarbanes-Oxley compliance for semiconductor clients in Silicon Valley.While at Pw C, Professor Cedergren also worked on several stock option backdating investigations and related financial restatements, including those of Mercury Interactive, Marvell Technology Group, and Trident Microsystems.“However, the Board believes that the time has come to move in a new leadership direction.” The company is looking for a new CEO and president, it said.A search for chief financial officer had been announced previously.He entered 2008 with a 0,000 pay raise, lifting his annual salary to 7,000, a stock-based bonus and new option grants good for 415,800 shares, according to a filing with the SEC on Wednesday.The shares covered by the options were priced at .01, the closing price for its stock on Dec. One grant covering 235,000 shares began vesting retroactively at the rate of 4,896 shares per month since June 1, 2007–when Marvell was trading at .24– so that some 34,000 shares were his on the day the award was filed with the SEC last week.

After recording a net loss of million in the last quarter of fiscal 2009, Marvell initiated a cost-cutting program across the company, including the layoff of about 850 employees, a 15% reduction in force. Like other chip makers, Marvell is dealing with a recession-driven downturn in the semiconductor industry.

Thou marvell'st at my words, but be thee still; Marvell Technology Group offers digital and mixed-signal integrated circuits for data storage and broadband communications applications.

Products include read channels (which convert analog data from a magnetic disk into digital data for computing), preamplifiers, and Ethernet switch controllers and transceivers.

Research Interests: accounting issues in silicon valley / high-tech firms, capital markets, information content of accounting measures, initial public offerings, insider trading & securities litigation, management forecasting & disclosure Links: CV , he investigates how managers' trading activity affects their likelihood to warn of impending negative earnings surprises, and how potential class action plaintiffs use observed trading in deciding whether to initiate litigation when such negative surprises manifest.

Professor Cedergren’s research interests also include initial public offerings, accounting issues in high-tech firms, and the capital market effects and information content of accounting measures.


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