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This excerpt taken from the MRVL 10-Q filed Jul 2, 2007. Control
over stock option granting process. We did not maintain
effective controls over the stock option granting process. Our controls,
including monitoring controls, policies and procedures relating to the granting
process were not effective. Specifically, effective controls were not
maintained to ensure the validity of stock option grants and related supporting
documentation and to ensure the accuracy of the measurement dates and
associated accounting treatment for options granted. This lack of effective
controls contributed to the restatement of the consolidated financial
statements of annual periods through 2006, each of the quarters of fiscal year
2006, as well as the first quarter of fiscal year 2007. Additionally, this lack
of effective controls could result in misstatements of any of our financial
statement accounts and disclosures that would result in a material misstatement
to the annual or interim consolidated financial statements that would not be
prevented or detected. Accordingly, our management has determined that this
control deficiency constitutes a material weakness.
This excerpt taken from the MRVL 10-Q filed Jul 2, 2007. Control
over stock option granting process. We did not maintain
effective controls over the stock option granting process. Our controls,
including monitoring controls, policies and procedures relating to the granting
process were not effective. Specifically, effective controls were not
maintained to ensure the validity of stock option grants and related supporting
documentation and to ensure the accuracy of the measurement dates and associated
accounting treatment for options granted. This lack of effective controls
contributed to the restatement of the consolidated financial statements of
annual periods through 2006, each of the quarters of fiscal year 2006, as well
as the first quarter of fiscal year 2007. Additionally, this lack of effective
controls could result in misstatements of any of our financial statement
accounts and disclosures that would result in a material misstatement to the
annual or interim consolidated financial statements that would not be prevented
or detected. Accordingly, our management has determined that this control deficiency
constitutes a material weakness.
This excerpt taken from the MRVL 10-Q filed Jul 2, 2007. Control over
stock option granting process. We did not maintain effective
controls over the stock option granting process. Our controls, including
monitoring controls, policies and procedures relating to the granting process
were not effective. Specifically, effective controls were not maintained to
ensure the validity of stock option grants and related supporting documentation
and to ensure the accuracy of the measurement dates and associated accounting
treatment for options granted. This lack of effective controls contributed to
the restatement of the consolidated financial statements of annual periods
through 2006, each of the quarters of fiscal year 2006, as well as the first
quarter of fiscal year 2007. Additionally, this lack of effective controls
could result in misstatements of any of our financial statement accounts and
disclosures that would result in a material misstatement to the annual or
interim consolidated financial statements that would not be prevented or
detected. Accordingly, our management has determined that this control
deficiency constitutes a material weakness.
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