Santa Clara, California (July 2, 2007) – arvell Technology Group Ltd. (NASDAQ: MRVL), today announced that it has completed and filed with the SEC its Annual Report on Form 10-K for the year ended January 27, 2007. The Company also completed and filed with the SEC its previously delayed Quarterly Reports on Form 10-Q for the second and third quarters of fiscal 2007 and the amended Form 10-Q for the first quarter of fiscal 2007. The Company expects to file its quarterly report on Form 10-Q for the quarter ended April 28, 2007 as soon as practicable
As previously disclosed, the Company's filings were delayed as a result of an internal review conducted by a special committee of the Company’s Board of Directors relating to the Company’s historical stock option practices and related accounting matters. These filings were restated as a result of the internal review and the Company has recorded a total cumulative, pre-tax, non-cash, stock-based compensation expense adjustment of $327.4 million for periods through fiscal 2006.
As previously announced on June 26, 2007, on June 25, 2007, the Company received a letter from the Board of Directors of the NASDAQ Stock Market (the “Nasdaq Board”) informing the Company that the Nasdaq Board had called the previously disclosed decision of the NASDAQ Listing and Hearing Review Council (the “Listing Council”) for review. In its decision, the Listing Council had determined to suspend the Company’s securities from trading on June 28, 2007, if the Company did not come into compliance with the continued listing requirements of the NASDAQ Global Select Market by June 26, 2007. The Nasdaq Board has now determined to stay this decision to suspend the Company’s securities from trading pending further consideration by the Nasdaq Board in July 2007. The Company’s securities will remain listed on the NASDAQ Global Select Market during the review by the Nasdaq Board. The Company continues to work diligently to complete and file its required filings with the Securities and Exchange Commission as soon as practicable. There can be no assurance that the Nasdaq Board review will be favorable to the Company or that the Company will remain listed on the NASDAQ Global Select Market.
Marvell (NASDAQ: MRVL) is a leader in storage, communications and consumer silicon solutions. The Company’s diverse product portfolio includes switching, transceiver, communications controller, wireless, and storage solutions that power the entire communications infrastructure, including enterprise, metro, home, and storage networking. As used in this release, the terms “Company” and “Marvell” refer to Marvell Technology Group Ltd. and its subsidiaries, including Marvell Semiconductor, Inc. (MSI), Marvell Asia Pte Ltd (MAPL), Marvell Japan K.K., Marvell Taiwan Ltd., Marvell International Ltd. (MIL), Marvell U.K. Limited, Marvell Semiconductor Israel Ltd. (MSIL), RADLAN Computer Communications Ltd., and Marvell Semiconductor Germany GmbH. MSI is headquartered in Santa Clara, Calif., and designs, develops and markets products on behalf of MIL and MAPL. MSI may be contacted at (408) 222-2500 or at www.marvell.com.
This press release contains forward-looking statements. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” and their variations identify forward-looking statements. These statements are not guarantees of results and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. These risks and uncertainties include, but are not limited to, the Company’s expectations regarding the filing of the quarterly report on Form 10-Q for the quarter ended April 28, 2007 with the Securities and Exchange Commission, the Company’s expectations regarding its ability to meet NASDAQ requirements for continued listing of the Company’s shares, and the timing and outcome of the NASDAQ review process. For other factors that could cause Marvell’s results to vary from expectations, please see the sections titled “Risk Factors” in Marvell’s Form 10-K and Forms 10-Q filed with the Securities and Exchange Commission. Marvell undertakes no obligation to revise or update publicly any forward-looking information.
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