SANTA CLARA, Calif.,
Dec. 17, 2015 /PRNewswire/ -- Marvell
Technology Group Ltd. (NASDAQ: MRVL) today announced that, as a
result of its previously announced delayed filing of its Form 10-Q
for the third quarter of fiscal 2016, in accordance with the rules
of The NASDAQ Stock Market, on December 14,
2015, it received a supplemental notice from NASDAQ that the
Company does not comply with NASDAQ's listing rules for continued
listing. As previously disclosed, the Company received notice
on December 1, 2015 that the NASDAQ
had granted the Company an extension of time to March 8, 2016 to regain compliance with the
continued listing rules. In its supplemental notice, NASDAQ
requested that the Company submit an update to its compliance plan
previously filed with NASDAQ by January
13, 2016. The Company intends to comply with this
request and intends to take all necessary steps to achieve
compliance with the NASDAQ continued listing requirements as soon
as practicable.
Forward-Looking Statements under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements within the
meaning of the federal securities laws that involve risks and
uncertainties, including: its use of non-GAAP financial measures as
important supplemental information. Words such as "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates,"
"can," "will" and similar expressions identify such forward-looking
statements. These statements are not guarantees of results
and should not be considered as an indication of future activity or
future performance. Actual events or results may differ materially
from those described in this press release due to a number of risks
and uncertainties, including, among others: the timing and outcome
of the previously announced Audit Committee investigation, actions
that may be taken by Marvell as a result of the Audit Committee's
investigation, adverse impact of litigation or regulatory
activities, Marvell's ability to engage a new independent public
accounting firm in a timely manner, the outcome of NASDAQ's review
of Marvell's update to its compliance plan and Marvell's ability to
regain compliance with its SEC reporting obligations within the
time of the exemption granted by NASDAQ. For other factors
that could cause Marvell's results to vary from expectations,
please see the risk factors identified in the Marvell's latest
Annual Report on Form 10-K for the year ended January 31, 2015 and its latest Quarterly Report
on Form 10-Q for the quarter ended May 2,
2015 as filed with the SEC, and other factors detailed from
time to time in Marvell's filings with the SEC. Marvell undertakes
no obligation to revise or update publicly any forward-looking
statements.
About Marvell
Marvell (NASDAQ: MRVL) is a global leader in providing complete
silicon solutions and Kinoma software enabling the "Smart Life and
Smart Lifestyle." From storage to Internet of Things (IoT), cloud
infrastructure, digital entertainment and in-home content delivery,
Marvell's diverse product portfolio aligns complete platform
designs with industry-leading performance, security, reliability
and efficiency. At the core of the world's most powerful consumer,
network and enterprise systems, Marvell empowers partners and their
customers to always stand at the forefront of innovation,
performance and mass appeal. By providing people around the world
with mobility and ease of access to services adding value to their
social, private and work lives, Marvell is committed to enhancing
the human experience.
As used in this release, the term "Marvell" refers to Marvell
Technology Group Ltd. and its subsidiaries. For more information,
please visit www.Marvell.com.
Marvell and the M logo, are registered trademarks of Marvell
and/or its affiliates.
For further
information, contact:
|
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John Spencer
Ahn
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Sue Kim
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Investor
Relations
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Media
Relations
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408-222-7544
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408-222-1942
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johnahn@marvell.com
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suekim@marvell.com
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SOURCE Marvell Technology Group Ltd.