Marvell Technology Inc (MRVL)

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10:54 BRCM Broadcom: Disclosure of grand jury investigating backdated options hitting the wires (32.08 -0.47)

From this morning's 10-Q: "In June 2006 the Company received an informal request for information from the staff of the Los Angeles regional office of the Securities and Exchange Commission regarding its option granting practices. In December 2006 the SEC issued a formal order of investigation and a subpoena for the production of documents. The Company is cooperating with the SEC, but does not know when the inquiry and investigation will be resolved or what, if any, actions the SEC may require it to take as part of that resolution. In August 2006 the Company was informally contacted by the U.S. Attorney's Office for the Central District of California and asked to produce documents. In 2006, the Company voluntarily provided documents and data to the U.S Attorney's Office. In 2007 the Company has continued to provide substantial amounts of documents and information to the U.S. Attorney's Office on a voluntary basis. In addition, the Company has produced documents pursuant to grand jury subpoenas. The U.S. Attorney's Office has begun to interview present and former Company employees as part of its investigation. The Company is continuing to cooperate with the U.S. Attorney's Office in its investigation. Any action by the SEC, the U.S. Attorney's Office or other governmental agency could result in civil or criminal sanctions against the Company and/or certain of its current or former officers, directors and/or employees."