Marvell Technology Group Ltd.
|Company Name||Marvell Technology Group Ltd.|
The Firm is investigating potential claims on behalf of investors of Marvell Technology Group Ltd. ("Marvell" or the "Company") (NASDAQ:MRVL) concerning the Company’s and its officers’ possible violations of federal securities laws in connection with Marvell’s recent disclosure of potentially fraudulent accounting practices; and, an unexpected loss for the fiscal second quarter.
On September 11, 2015, the Company reported a quarterly loss of $382.4 million for its fiscal second quarter, whereas analysts on average had predicted a quarterly profit of $11.9 million. The Company also announced an internal probe by its Audit Committee into Marvell’s revenue recognition practices. Marvell disclosed in relevant part that its Audit Committee is examining, “certain revenue recognition issues in the second quarter of fiscal 2016 and any associated issues with whether senior management's operating style during the period resulted in an open flow of information and communication to set an appropriate tone for an effective control environment. More specifically, the investigation has focused on the approximately 7 to 8 percent of revenue recognized in the second quarter of fiscal 2016 that, based upon the original customer request date, would have been received and earned in the third quarter of fiscal 2016 and is now no longer available for receipt in that quarter.” On this news shares of Marvell fell $1.72 per share, or nearly 17%, during intra-day trading on September 11, 2015. GPM is preparing a lawsuit to recover damages on behalf of injured Marvell investors.
If you purchased Marvell securities, have information or would like to learn more about these claims including whether you qualify to serve as a class representative, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224 or by email to firstname.lastname@example.org.
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