Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming November 10, 2015 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased Marvell Technology Group, Ltd. (“Marvell” or the “Company”) (Nasdaq: MRVL) between November 20, 2014 and September 10, 2015, inclusive (the “Class Period”). Marvell investors with over $150,000 in losses are encouraged to contact Lesley Portnoy, Esquire, to discuss their legal claims in this matter.

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 accounting practices including its revenue recognition, litigation reserves, and internal controls. On this news shares of Marvell fell $1.71 per share, or nearly 17%, to close on September 11, 2015 at $8.84 per share, on unusually high volume, thereby injuring investors.

The Complaint alleges that throughout the Class Period, Defendants misled investors concerning: (1) Marvell’s inappropriate revenue recognition practices; (2) the Company’s management permitted an inappropriate and ineffective control environment; (3) as a result, Marvell’s key accounting metrics were misstated; (4) that the Company lacked adequate controls at all relevant times; (5) and 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. Notably, since commencement of the lawsuit against the Company by GPM, Marvell announced that its outside auditor, PricewaterhouseCoopers LLP, has resigned as its external accounting firm.

If you purchased shares of Marvell during the Class Period, or if you have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy, 310-201-9150 or 888-773-9224shareholders@glancylaw.comwww.glancylaw.com

Marvell Technology (NASDAQ:MRVL)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Marvell Technology Charts.
Marvell Technology (NASDAQ:MRVL)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Marvell Technology Charts.