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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
04/27/201617:18:31Amended Statement of Beneficial Ownership (sc 13d/a)
04/27/201611:00:00Marvell Adds Directors to Settle with Starboard
04/27/201608:56:23Current Report Filing (8-k)
04/27/201608:45:00Marvell Technology Group Ltd. Announces Agreement with Starboard
04/25/201608:00:00Marvell Introduces Industry's First Commercially Available Ethernet...
04/18/201608:00:00Marvell Announces Automotive Center of Excellence Grand Opening...
04/12/201616:10:57Initial Statement of Beneficial Ownership (3)
04/12/201616:10:03Initial Statement of Beneficial Ownership (3)
04/08/201610:50:00Starboard Says Depomed Should Consider Selling Itself
04/05/201616:08:57Statement of Changes in Beneficial Ownership (4)
04/05/201616:08:57Statement of Changes in Beneficial Ownership (4)
04/05/201610:00:00Husband-and-Wife Team Leading Marvell Technology Resigns
04/05/201608:33:27Current Report Filing (8-k)
04/05/201608:30:00Marvell Technology Group Ltd. Announces Senior Leadership Transition
04/04/201608:45:00Marvell Technology Group Ltd. Receives Nasdaq Staff Determination...
03/31/201616:51:11Notification That Annual Report Will Be Submitted Late (nt 10-k)
03/28/201608:00:00Marvell Broadens Leadership in Printer Industry by Delivering...
03/16/201616:22:39Current Report Filing (8-k)
03/16/201616:15:00Marvell Technology Group Ltd. Declares Quarterly Dividend Payment
03/11/201606:11:44Current Report Filing (8-k)

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