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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)
06/21/201604:00:00Marvell Introduces the Cost-Effective, High-Performance ARMADA...
06/20/201618:00:00Marvell Technology Names New CEO
06/20/201617:13:22Current Report Filing (8-k)
06/20/201616:30:00Marvell Technology Group Ltd. Announces Appointment of Matthew...
06/16/201608:30:00Marvell Technology Group Ltd. Announces Appointment of Willem...
06/15/201616:15:00Marvell Technology Group Ltd. Receives Supplemental Nasdaq Notification...
06/14/201616:39:53Initial Statement of Beneficial Ownership (3)
06/10/201608:43:57Amended Statement of Ownership (sc 13g/a)
06/10/201608:32:10Notification That Quarterly Report Will Be Submitted Late (nt...
06/07/201618:21:19Initial Statement of Beneficial Ownership (3)
06/06/201616:05:00Marvell Technology Group Ltd. Announces Appointment of Andy Micallef...
06/01/201608:00:00Marvell's Dynamic Multi-Hop Relay Technology Enables Extended...
05/31/201614:49:09Specialized Disclosure Report (sd)
05/31/201608:45:00Marvell Technology Group Ltd. Announces Appointment of Chris...
05/31/201608:00:00Marvell Launches Advanced Suite of IoT Application Processors...
05/31/201608:00:00Marvell Introduces New Family of High-Performance RAID Storage...
05/31/201608:00:00Marvell Releases New ARMADA Hyperscale Virtual SoC Families Featuring...
05/31/201608:00:00Marvell Introduces Feature-Rich 10GbE Aggregation Switch
05/31/201608:00:00Marvell Disrupts the Switch Market with Programmable Access Switch...
05/27/201616:06:53Initial Statement of Beneficial Ownership (3)

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