Marvell expands committee
New York (Bloomberg) -- Marvell Technology Group Ltd., a chipmaker that plans to restate financial results, added two members to a one-person committee that's investigating its stock- option practices.
John Quinn, a retired Partner of the law firm Arnold & Porter LLP, and William Howard, a former Motorola Inc. employee and semiconductor-industry consultant, will join the special committee, Hamilton, Bermuda-based Marvell said in a regulatory filing. The company didn't disclose who the original committee member is.
The company also said it received a notice of noncompliance from the Nasdaq Stock Market because Marvell missed the filing date for financial statements.
In October, Marvell announced plans to restate results for more than six years to account for costs from misdated option grants. The company is among more than 200 that have disclosed internal or federal probes into whether executives dated grants to times when the companies' stocks traded lower, inflating the options' value.
Shares of Marvell, run from Santa Clara, California, fell 13 cents to $16.68 at 4 p.m. New York time in Nasdaq Stock Market trading. They have fallen 13 percent this year.
Marvel spokeswoman Diane Vanasse didn't immediately return calls seeking comment.
