Marvell Technology Group has reached a tentative deal to settle derivative litigation over alleged backdating, the Santa Clara, Calif., semiconductor company reported in a regulatory filing Friday. In exchange for dropping the suits, Marvell said it would agree to "corporate governance enhancements" and pay the plaintiffs lawyers up to $16 million -- a big haul for plaintiffs lawyers in a derivative case, several securities lawyers said.
June 09, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Marvell Technology Group has reached a tentative deal to settle derivative litigation over alleged backdating, the Santa Clara, Calif., semiconductor company reported in a regulatory filing Friday.
In exchange for dropping the suits, Marvell said it would agree to “corporate governance enhancements” and pay the plaintiffs lawyers up to $16 million — a big haul for plaintiffs lawyers in a derivative case, several securities lawyers said.
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