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.”
Two more Silicon Valley companies joined the ranks of those offering to exchange some of their employees underwater options with options repriced at more current market rates. On Friday, Smart Modular, the Fremont maker of electronic subsystems, filed its preliminary proxy, which included a proposal to reprice options for its employees — those that are left after the company finishes laying off the 19 percent of its workforce that it said it would back in September.
Under Smart Modular’s proposal, certain employees would be permitted to exchange options with an exercise price higher than Read the rest of this entry »
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 »
Subscribe via RSS all feeds - Tech feed - O'Brien feed - Docu-Drama feed - Pink Slip 2.0 feed
