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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
08/20/201508:45:00Marvell Technology Group Ltd. Announces Postponement of Second...
08/18/201508:00:00Marvell's ARMADA PXA1928 and PXA1908 Mobile Multi-mode 4G LTE...
08/18/201508:00:00Marvell Extends its Printing Leadership by Delivering the World's...
08/17/201508:00:00Marvell First to Launch Cost-Effective Quad-Core 64-bit ARMADA...
08/05/201509:30:00Pre-Market Review on Semiconductor - Integrated Circuits Equities...
08/04/201515:00:29Court Reverses $1.54 Billion Verdict Against Marvell
08/04/201511:50:00Federal Circuit Vacates Judgment in Carnegie Mellon University...
07/30/201508:30:00Marvell Technology Group Ltd. Announces Conference Call to Review...
07/02/201509:30:023 Reasons Marvell Technology Group Ltd. Stock Could Rise
07/02/201506:10:42Current Report Filing (8-k)
07/02/201506:10:31Statement of Changes in Beneficial Ownership (4)
07/02/201506:09:55Statement of Changes in Beneficial Ownership (4)
07/02/201506:09:19Statement of Changes in Beneficial Ownership (4)
07/02/201506:09:19Statement of Changes in Beneficial Ownership (4)
06/29/201508:00:00Marvell's Internet of Things Platform Selected by iHome
06/25/201516:08:06Statement of Changes in Beneficial Ownership (4)
06/25/201516:07:39Statement of Changes in Beneficial Ownership (4)
06/25/201516:07:39Statement of Changes in Beneficial Ownership (4)
06/24/201508:00:00Marvell brings JavaScript to the smallest devices ever with today's...
06/19/201510:01:30Here’s Why Marvell Technology Group Ltd. Just Caught an Upgrade

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