WILMINGTON, Del., Sept. 23, 2015 /PRNewswire/ -- Rigrodsky &
Long, P.A.:
- Do you, or did you, own shares of Marvell Technology Group
Ltd. (NASDAQ GS: MRVL)?
- Did you purchase your shares between November 20, 2014 and September 10, 2015, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been
filed in the United States District Court for the Southern District
of New York on behalf of all
persons or entities that purchased the common stock of Marvell
Technology Group Ltd. ("Marvell" or the "Company") (NASDAQ GS:
MRVL) between November 20, 2014 and
September 10, 2015 (the "Class
Period"), alleging violations of the Securities Exchange Act of
1934 against the Company and certain of its officers (the
"Complaint").
If you purchased shares of Marvell during the Class Period, and
wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact Timothy J.
MacFall, Esquire or Peter Allocco of
Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120,
Wilmington, DE 19803 at (888)
969-4242; by e-mail to info@rl-legal.com; or at:
http://rigrodskylong.com/investigations/marvell-technology-group-ltd-mrvl.
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements, and
omitted materially adverse facts, about the Company's business,
operations and prospects. As a result of defendants' alleged
false and misleading statements, the Company's stock traded at
artificially inflated prices during the Class Period.
According to the Complaint, on September
11, 2015, the Company reported a quarterly loss of
$382.4 million for its fiscal second
quarter, whereas analysts on average had predicted a quarterly
profit of $11.9 million. The
Company also announced an internal probe by its Audit Committee
into Marvell's key accounting practices including its revenue
recognition, litigation reserves, and internal
controls.
On this news, shares in Marvell dropped over 16%, closing at
$8.84 per share on September 11, 2015, on heavy trading
volume.
If you wish to serve as lead plaintiff, you must move the Court
no later than November 10,
2015. A lead plaintiff is a representative party
acting on behalf of other class members in directing the
litigation. Any member of the proposed class may move the
court to serve as lead plaintiff through counsel of their choice,
or may choose to do nothing and remain an absent class member.
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
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SOURCE Rigrodsky & Long, P.A.