SiliconBeat

Marvell Technology, the Santa Clara chip maker, raised its forecast for sales in its current quarter ending Aug. 1 from a range of $540-$580 million to at least $600 million, instead, with an upside of $630 million possible, according to a press release it filed with the SEC today.

The company attributed the increase in projected revenue to Read the rest of this entry »

Marvell Technology, the Bermuda-based chip company that operates out of Santa Clara, said today that it has agreed to resolve a shareholder class action lawsuit filed in August 2007 related to the way the company granted stock options in the past.

The company will pay $72 million and has decided Read the rest of this entry »

Marvell Technology said Thursday it’s board has OK’d a plan to get rid of about 850 employees, or 15 percent of the company’s employees, in a move to lower costs “in response to the deteriorating economic environment.”

The job cuts were announced the same day the chip company, based in Bermuda with operations in Santa Clara, released financial results for its 2008 fourth quarter that showed a Read the rest of this entry »

Marvell Technology, which offered employees the chance to exchange their underwater stock options in return for shares of restriced stock, reported Tuesday that 3,389 eligible employees, or about two-thirds of its workforce, took the company up on the offer, turning over options covering an aggregate of 31.1 million shares.

In exchange, the group received Read the rest of this entry »

Marvell Technology Group, the chip maker headquartered in the Bahamas with operations out of Santa Clara, became the latest chip maker to ratchet down expectations. The company now expects sales for its fiscal 2009 fourth quarter ending Jan. 31 to be in a range of $500-$520 million, down about 28 percent from its previous projection of $690-$720 million.

“The current macro economic environment is having a significant negative impact on our business,” said Marvell Chief Executive Sehat Sutardja in a statement. “There is a great deal of uncertainty surrounding the duration and depth of the current worldwide economic slow-down. This is especially true within the PC and the consumer electronics markets.

“While visibility into future demand in these markets remains uncertain, it is clear an inventory correction process is underway in the near term. Consequently, we will continue to take actions to re-align our expense profile to the current environment.”

Marvell Technology has offered to exchange options held by its employees with an exercise price of $12 or higher for a pro-rated number of shares of restricted stock. The exchange period, which began Tuesday, ends Jan. 23.

The exchange rate for options priced from $12 to $18 will be one restricted stock unit for every Read the rest of this entry »

Weili Dai, a Marvell Technology Group co-founder and wife of the company’s chief executive (they are pictured here), was named its vice president of sales for the company’s communications and consumer business unit on Saturday, May 31, the company said in a filing today. Dai resigned as the company’s chief operating officer a year ago after the company’s investigation into past stock option practices revealed that a stock option committee on which she and her husband were the only members was found to have never met, and that minutes reflecting such meetings were “false”. Read the rest of this entry »

Clyde Hosein will leave San Jose chip maker Integrated Device Technology June 13 where he has served as chief financial officer since 2003 to take up the same position at Marvell Technology Group on June 23, according to SEC filings Friday. Hosein will get a nice bump in pay, with his yearly salary rising to $450,000, up from the$295,683 he got at IDT in fiscal 2007. He also receives a signing bonus of $350,000, an option grant good for 450,000 Marvell shares that vests over five year and a performance-based stock award for 200,000 shares. Read the rest of this entry »

The board of directors at Marvell Technology Group felt it necessary to set down in writing a policy governing the use of its evidently new corporate aircraft. The policy, established May 21, retroactively approved the personal use of the jet back in February by the company’s chief executive, Sehat Sutardja, whose wife and Marvell’s director of business development, Weili Dai, went with him on the flight. Read the rest of this entry »

Marvell Technology Group and Weili Dai, its former chief operating officer agreed to pay fines of $10 million and $500,000, respectively, related to charges by the SEC the the company reported false financial information to investors by improperly backdating stock option grants to employees. The parties settled the matter with the SEC “without admitting or denying the allegations.” Read the rest of this entry »