Marvell Technology Group Ltd. Receives Additional Notice from Nasdaq
Marvell Technology Group Ltd. (Nasdaq: MRVL) today announced that it has received a notice from the NASDAQ Stock Market on March 30, 2007 stating that the Company is not in compliance with NASDAQ’s Marketplace Rule 4310(c) (14) because the Company has not timely filed its Annual Report on Form 10-K for the fiscal year ended January 27, 2007. Marvell received similar notices on December 8, 2006 and September 8, 2006 due to the delay in filing its Forms 10-Q for the fiscal quarters ended October 28, 2006 and July 29, 2006, respectively. As previously disclosed, a special committee of the Company’s Board of Directors is conducting an internal review relating to the Company’s historical stock option practices and related accounting matters. Marvell intends to file its delayed Forms 10-Q and Form 10-K as soon as practicable following the conclusion of the special committee’s review.
Marvell had a hearing before a NASDAQ Listing Qualifications Panel regarding the continued listing of its shares on the NASDAQ Stock Market, and has appealed the decision of that Panel to the NASDAQ Listing and Hearing Review Council, which stayed the Panel’s decision pending further action. The Company does not know when the Listing Council may take any further action regarding its stay. The Company’s shares will remain listed on the NASDAQ Stock Market pending a decision by the Listing Council.
Marvell’s Current Report on Form 8-K filed today with the Securities and Exchange Commission contains more detailed discussion of the Company’s NASDAQ status.
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