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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; Andrew.FitzGerald@dowjones.com

Stock News for Marvell (MRVL)
DateTimeHeadline
05/31/201614:49:09Specialized Disclosure Report (sd)
05/31/201608:45:00Marvell Technology Group Ltd. Announces Appointment of Chris...
05/31/201608:00:00Marvell Launches Advanced Suite of IoT Application Processors...
05/31/201608:00:00Marvell Introduces New Family of High-Performance RAID Storage...
05/31/201608:00:00Marvell Releases New ARMADA Hyperscale Virtual SoC Families Featuring...
05/31/201608:00:00Marvell Introduces Feature-Rich 10GbE Aggregation Switch
05/31/201608:00:00Marvell Disrupts the Switch Market with Programmable Access Switch...
05/27/201616:06:53Initial Statement of Beneficial Ownership (3)
05/24/201618:32:44Initial Statement of Beneficial Ownership (3)
05/19/201608:45:00Marvell Technology Group Ltd. Announces Appointment of Mitchell...
05/18/201616:23:51Current Report Filing (8-k)
05/18/201616:15:00Marvell Technology Group Ltd. Declares Quarterly Dividend Payment
05/18/201608:53:16Current Report Filing (8-k)
05/18/201608:45:00Marvell Technology Group Ltd. Announces Appointment of Michael...
05/13/201616:40:00China's Tsinghua Discloses Investment in Marvell Technology
05/11/201617:40:07Initial Statement of Beneficial Ownership (3)
05/10/201603:03:00Upheaval at Chip Firms Complicates the Hunt For New Finance Chiefs...
05/09/201618:58:00CFOs Are Tough to Land in the Semiconductor Sector
05/03/201608:45:00Marvell Technology Group Ltd. Receives Extension to Remain Listed...
05/02/201616:30:00Marvell Announces Appointment of Mr. Richard S. Hill to Chairman...

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