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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
08/22/201409:33:33U.S. Hot Stocks: Hot Stocks to Watch
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05/15/201417:15:53Soros Sells Out of J.P. Morgan, Bank of America, Citigroup
04/01/201416:39:19TECH STOCKS: Nvidia, Marvell Lead Tech Stocks Higher
12/31/201317:53:35U.S. Hot Stocks: Hertz, Marvell Technology
12/31/201308:44:24BOND REPORT: Hertz Accelerates On Poison Pill. Marvell Gains
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11/22/201317:22:15TECH STOCKS: Intel's Losses Stand Out On Mixed Day For Tech Stocks
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11/17/201308:16:50MARKET SNAPSHOT: Tech Exuberance Feeds Stock-market Bubble Talk
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201307:56:04Greenlight Capital 3Q 13F: Holdings As Of Sep 30
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep -2-
08/23/201316:58:19TECH STOCKS: Microsoft Up On Ballmer Exit; Facebook Rises
08/23/201311:56:29TECH STOCKS: Microsoft Up On Ballmer Exit; Pandora Slides
08/23/201309:24:05U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH

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