IMPORTANT SHAREHOLDER ALERT: Wolf Haldenstein Adler Freeman & Herz LLP Announces That a Class Action Lawsuit Has Been Filed A...
October 02 2015 - 8:00PM
Wolf Haldenstein Adler Freeman & Herz LLP announces that a
securities class action lawsuit has been commenced in the United
States District Court for the Southern District of New York on
behalf of investors who purchased or otherwise acquired the
securities of Marvell Technology Group, Inc. (“Marvell” or the
“Company”) (Nasdaq:MRVL) between November 20, 2014 through
September 10, 2015, inclusive (the “Class Period”).
Shareholders of Marvell Technology Group with significant
losses are urged to contact the firm immediately at
classmember@whafh.com
or (800) 575-0735 or (212)
545-4774.
The filed actions allege that during the Class Period,
defendants made false and/or misleading statements and/or failed to
disclose: (1) that Marvell had engaged in inappropriate revenue
recognition practices; (2) that the Company’s senior management
encouraged a closed and ineffective control environment; (3) that
the Company’s key accounting metrics were misstated; (4) that the
Company lacked adequate internal controls; (5) and that, 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.
On September 11, 2015, Marvell reported a quarterly loss of
$382.4 million for its second quarter of fiscal 2016, 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 “certain revenue recognition issues in the second
quarter of fiscal 2016 and any associated issues with whether
senior management’s operating style during the period resulted in
an open flow of information and communication to set an appropriate
tone for an effective control environment.” According to the
Company, the Audit Committee’s investigation was focused on the
approximately 7-8% 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.
The Company explained that the increase was indicative of softening
demand for certain products, especially the storage end market. On
this news, the price of Marvell common stock fell $1.71 per share,
or 16.21%, from a closing price of $10.55 on September 10, 2015, to
close at $8.84 per share on September 11, 2015, on extraordinarily
high volume.
If you purchased the shares of Marvell Technology Group during
the period from November 20, 2014 through September 10, 2015,
inclusive, you may, no later than November 10,
2015, request that the Court appoint you lead plaintiff of
the proposed class.
Wolf Haldenstein has extensive experience in the prosecution of
securities class actions and derivative litigation in state and
federal trial and appellate courts across the country. The
firm has attorneys in various practice areas; and offices in New
York, Chicago and San Diego. The reputation and expertise of
this firm in shareholder and other class litigation has been
repeatedly recognized by the courts, which have appointed it to
major positions in complex securities multi-district and
consolidated litigation.
If you wish to discuss this action or have any questions
regarding your rights and interests in this case, please
immediately contact Wolf Haldenstein Adler Freeman & Herz LLP
by telephone at (800) 575-0735, via e-mail at
classmember@whafh.com, or visit our website at www.whafh.com.
All e-mail correspondence should make reference to the “Marvell
Investigation.”
Attorney Advertising. Prior results do not guarantee or predict
a similar outcome.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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