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Marvell Technology Founders Sue Goldman Over Stock Management

DOW JONES NEWSWIRES Marvell Technology Group Ltd. (MRVL) founders Sehat Sutardja and Weili Dai have sued Goldman Sachs Group Inc. (GS) for allegedly defrauding the pair of more than $100 million in stock they had under management with the investment bank. The lawsuit filed Monday in San Francisco Superior Court alleged Goldman's wealth management unit and two of its account executives forced Sutardja and Dai to pledge their Marvell stock to meet a margin call, shares that Goldman then sold. Goldman Sachs declined to comment on the lawsuit. Calls to the West Coast law firms representing Sutardja and Dai weren't immediately returned. According to the complaint, a Goldman executive said the margin call was mandated by the Securities and Exchange Commission's "Five Dollar Rule" because their semiconductor company's shares had dropped below $5. The SEC has no such rule. Goldman used the margin call to satisfy its own liquidity needs during the worst of the financial crisis, the suit alleges, and put its own interests ahead of its clients'. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;

Stock News for Marvell (MRVL)
02/10/201614:10:36Statement of Ownership (sc 13g)
02/09/201616:18:15Amended Statement of Ownership (sc 13g/a)
02/03/201616:32:02Amended Statement of Ownership (sc 13g/a)
02/03/201616:09:24Current Report Filing (8-k)
02/03/201615:11:00Marvell Technology Group Ltd. Comments on Starboard Value 13-D...
02/03/201607:10:00Starboard Takes 6.7% Stake in Marvell Technology
02/02/201608:00:00Marvell Introduces Industry's First 1000BASE-T1 Development Platform...
01/06/201620:10:00Amazon Enters Semiconductor Business
01/06/201608:00:00Marvell's ARMADA 3700 SoC Delivers ARM 64-bit Highly Optimized...
01/06/201608:00:00Marvell and Frontier Silicon Partner to Deliver Best-In-Class...
01/05/201608:00:00Marvell's Industry-Leading SSD Controller Technology Expands...
01/05/201608:00:00Marvell Delivers Low Power 28nm Wi-Fi and Bluetooth/BLE Combo...
01/05/201608:00:00Marvell's NFC Controller Enables the Smallest Antennas for Mobile...
01/05/201608:00:00Marvell Expands Andromeda Box Platform Offering and Partners...
01/05/201608:00:00Marvell's EZ-Connect MW300/302 Wi-Fi Microcontrollers Recognized...
12/17/201516:15:00Marvell Technology Group Ltd. Receives Supplemental NASDAQ Notification...
12/14/201508:00:00Marvell Introduces 100GbE Gearbox with MLG Support
12/10/201508:31:37Notification That Quarterly Report Will Be Submitted Late (nt...
12/07/201508:36:45Current Report Filing (8-k)
12/07/201508:30:00Marvell Technology Group Ltd. Reports Preliminary Third Quarter...

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