LAWSUIT DEADLINE ALERT: The Law Firm of Andrews & Springer LLC Announces That a Securities Fraud Class Action Has Been Filed ...
November 09 2015 - 08:11AM
Andrews & Springer LLC, a boutique securities class action
law firm focused on representing shareholders nationwide, announced
today that a securities fraud class action lawsuit has been filed
in the U.S. District Court, Southern District of New York, Case No.
1:15-cv-07214, on behalf of investors of Marvell Technology Group,
Ltd. (NASDAQ:MRVL) (“Marvell Technology” or the “Company”) that
held shares between November 20, 2014 and September 10, 2015 (the
“Class Period”). If you purchased Marvell Technology securities
during the Class Period, you may, no later than November 10, 2015,
request that the Court appoint you lead plaintiff of the proposed
class.
A copy of the complaint is available from Andrews & Springer
LLC or the Court. If you would like to join the class action,
please visit our website or contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
https://www.linkedin.com/company/andrews-&-springer-llc,
Twitter – www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR
CHOICE.
On September 11, 2015, the Company disclosed to the public that
it would not timely file its 10-Q report with the U.S. Securities
and Exchange Commission because the Company’s internal Audit
Committee was conducting an investigation into certain financial
controls and accounting. In particular, Marvell Technology
disclosed that its Audit Committee was investigating the 7% to 8%
of revenue that was 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.
As a result of this news, Marvell Technology’s stock price fell
approximately 17% (equivalent to $1.72 per share) on high volume on
September 11, 2015, causing shareholders to incur millions in
losses.
On October 26, 2015, Business Insider reported that
Pricewaterhouse Coopers LLP (“PwC”) resigned as the Company’s
outside auditor. In its resignation, PwC questioned whether
senior management’s “operating style resulted in an open flow of
information and communication to set an appropriate tone for an
effective control environment.”
The complaint further alleges that during the Class Period,
Marvell Technology 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 Technology's
business, operations, and prospects, were false and misleading
and/or lacked a reasonable basis.
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. If you wish to join the litigation,
or to discuss your rights or interests regarding this class action,
please contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
www.linkedin.com/company/andrews-&-springer-llc, Twitter –
www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law
firm representing shareholders nationwide who are victims of
securities fraud, breaches of fiduciary duty or corporate
misconduct. Having formerly defended some of the largest financial
institutions in the world, our founding members use their valuable
knowledge, experience, and superior skill for the sole purpose of
achieving positive results for investors. These traits are the
hallmarks of our innovative approach to each case our Firm
decides to prosecute. For more information please visit our website
at www.andrewsspringer.com. This notice may constitute Attorney
Advertising.
Contact:
Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Toll Free: 1-800-423-6013
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