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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;

Stock News for Marvell (MRVL)
04/03/201516:35:39Statement of Changes in Beneficial Ownership (4)
04/03/201516:33:55Statement of Changes in Beneficial Ownership (4)
04/03/201516:31:19Statement of Changes in Beneficial Ownership (4)
04/01/201517:00:022 Reasons Intel Investors Should Be Interested in Microsoft Surface...
03/26/201517:17:54Annual Report (10-k)
03/21/201512:12:02Microsoft Corporation Bets Big on the Internet of Things
03/13/201516:54:13Statement of Changes in Beneficial Ownership (4)
03/13/201516:52:28Statement of Changes in Beneficial Ownership (4)
03/13/201516:50:43Statement of Changes in Beneficial Ownership (4)
03/12/201507:00:00Microsemi and Marvell Collaborate to Simplify Synchronous Ethernet...
03/10/201509:03:23Amended Statement of Ownership (sc 13g/a)
03/10/201509:01:00Marvell's IoT Platform is Industry's First to Offer Full HomeKit...
03/04/201503:00:00Marvell Receives Prestigious GTI Innovation Award from Global...
03/03/201508:00:00Marvell Unveils ARMADA Mobile PXA1826 5-Mode 4G LTE Release 10...
03/02/201508:00:00Marvell Open Sources KinomaJS to Accelerate Growth of the Internet...
03/02/201508:00:00Marvell Demonstrates Technology Leadership in Internet of Things...
03/02/201503:01:00Marvell Enhances Its LTE Broadcast Capabilities for Global Operators...
03/02/201503:01:00Marvell's Advanced Avastar Connectivity Solution Supports New...
03/02/201503:01:00Xiaomi Launches New Series of Smart Home Products Powered by...
03/02/201503:01:00Marvell Partners with Google's Advanced Technology and Products...

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