Block & Leviton LLP Files Securities Class Action Against Marvell Technology Group Ltd. --MRVL
September 21 2015 - 8:46PM
Block & Leviton LLP (www.blockesq.com), a Boston-based law firm
representing investors nationwide, has filed a lawsuit in the
Southern District of New York on behalf of those who purchased or
otherwise acquired Marvell Technology Group, Ltd., (“Marvell” or
the “Company”) (Nasdaq:MRVL) securities between November 20, 2014
and September 10, 2015, inclusive (the “Class Period”) against
Marvell and certain Directors. The case is captioned Farno v.
Marvell Technology Group, Ltd. case number 1:15-cv-07300.
If you purchased or otherwise acquired Marvell
securities during the Class Period you may seek to be a lead
plaintiff of the Class and you have until November 10, 2015 to file
your motion. If you have questions about your legal rights, would
like a copy of the Complaint or if you possess information relevant
to this litigation, please contact attorney Steven P. Harte of
Block & Leviton LLP at (617) 398-5600 or email him at
Steven@blockesq.com. Confidentiality to whistleblowers or
others with information relevant to the lawsuit is assured.On
September 11, 2015, Marvell reported that it would be unable to
timely file its quarterly Form 10-Q with the United States
Securities and Exchange Commission (the “SEC”) due to its internal
Audit Committee conducting an independent investigation of certain
accounting and internal controls over financial reporting.
Specifically, the Company’s investigation has focused on the
approximately 7 to 8 percent of revenue recognized in the second
quarter of fiscal 2016 that, based upon the original customer
request date, would have been received and earned in the third
quarter of fiscal 2016 and is now no longer available for receipt
in that quarter.This news caused shares of Marvell to fall $1.71
per share (nearly 17%) at close on September 11, 2015, on unusually
high volume, costing investors millions.The complaint alleges that
during the Class Period, Marvell Tech and certain Directors made
false and/or misleading statements and/or failed to disclose that:
(1) that the Company had engaged in inappropriate revenue
recognition practices; (2) the Company’s senior management
encouraged a closed and ineffective control environment; (3) as a
result, the Company’s key accounting metrics were misstated; (4)
the Company lacked adequate internal controls at all relevant
times; and (5) as a result of the foregoing, Defendants’ statements
about Marvell’s business, operations, and prospects, were false and
misleading and/or lacked a reasonable basis.Block & Leviton is
a nationwide law firm representing investors in securities and
shareholder actions. The firm has achieved multi-million dollar
recoveries for its clients and has been recognized by courts for
its skill and results. This notice may constitute attorney
advertising.
Contact: BLOCK & LEVITON LLP
Steven P. Harte, Esq.
(617) 398-5600
155 Federal Street
Boston, MA 02110
Steven@blockesq.com
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