MANHASSET, N.Y. Fabless chip maker Marvell Technology Group Ltd. announced it would only release revenue results for the second quarter of fiscal 2007, because of an ongoing review of the company's stock options and related accounting practices by a special committee of its Board of Directors.
As previously announced, the U.S. Security and Exchange Commission (SEC) and the U.S. Attorney for the Northern District of California are investigating historical stock options practices at Marvell. The company has also been targeted by a shareholder lawsuit over stock option grants.
Marvell (Santa Clara, Calif.) expects to only announce revenue results for the second fiscal 2007 quarter on Aug. 17, 2006 and not be in a position to announce additional results until the special committee completes its review.
In addition, Marvell does not expect to file its Form 10-Q for the second fiscal 2007 quarter by the Sept. 7 filing deadline or the permitted extension to Sept. 12.