SANTA CLARA, Calif. (AFX) - Semiconductor designer Marvell Technology Group Ltd. said Wednesday that as a result of ongoing reviews of its stock-option practices, it may not be able to file its 10-Q report for its fiscal second quarter on time.
The announcement sent Marvell shares down 66 cents, or 3.2 percent, to $20 in after-hours trading on the INET electronic exchange, after closing up $2.04, or 11 percent, on the Nasdaq.
Marvell had been scheduled to announce its complete quarterly results on Thursday, but on Wednesday said that it will only be able to offer revenue figures for the quarter.
Marvell said it is working to complete its internal review in a timely manner, but doesn't expect to be able to file its quarterly report by the Sept. 7 deadline or a permitted extended deadline of Sept. 12.
Marvell said in July that the Securities and Exchange Commission had requested documents related to its granting of stock options. It has also received a grand jury subpoena from the U.S. Attorney's Office in Northern California for similar information.
Marvell is one of at least 69 companies facing scrutiny of their stock options practices. In March, regulators began examining whether companies backdated stock options, or retroactively set the strike price to a level that was lower than the date they were issued.
Marvell shares have ranged between $16.71 and $36.84 over the past year.
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