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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; [email protected]

Stock News for Marvell (MRVL)
03/16/201716:18:47Current Report Filing (8-k)
03/16/201716:05:00Marvell Technology Group Ltd. Declares Quarterly Dividend Payment
03/13/201708:30:00Marvell Introduces Groundbreaking Modular Approach to 10GbE and...
03/02/201716:13:16Current Report Filing (8-k)
03/02/201716:05:00Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal...
02/27/201708:00:00Marvell Technology Group Ltd. Announces the Appointment of Gary...
02/14/201711:42:56Amended Statement of Ownership (sc 13g/a)
02/14/201706:12:56Amended Statement of Ownership (sc 13g/a)
02/10/201713:20:03Amended Statement of Ownership (sc 13g/a)
02/08/201708:00:00Marvell Technology Group Ltd. Announces Conference Call to Review...
02/03/201716:38:18Initial Statement of Beneficial Ownership (3)
01/18/201708:00:00Marvell to Hold Investor Day on March 10, 2017
01/17/201708:00:00Marvell Recognized as Top 100 Global Innovator for Fifth Consecutive...
01/05/201708:00:00Marvell Showcasing its Leadership in Storing, Moving and Accessing...
12/19/201617:27:09Statement of Changes in Beneficial Ownership (4)
12/15/201616:16:30Initial Statement of Beneficial Ownership (3)
12/13/201616:50:04Current Report Filing (8-k)
12/13/201616:30:00Marvell Technology Group Ltd. Announces the Appointment of Tudor...
12/12/201608:00:00Marvell Technology Group Ltd. Announces the Appointment of Thomas...
12/09/201618:25:58Statement of Changes in Beneficial Ownership (4)

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