Deadline Reminder: GPM Reminds Investors of the November 10, 2015 Deadline in the Class Action Lawsuit Against Marvell Techno...
November 02 2015 - 11:11AM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151102006325/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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