SANTA CLARA, Calif.,
Feb. 3, 2016 /PRNewswire/
-- Marvell Technology Group Ltd. (NASDAQ: MRVL) today issued
the following statement in response to the Schedule 13-D filed
today by Starboard Value LP.
"Marvell regularly engages with our shareholders to understand
their perspectives on the company and on our long-term growth
strategy, and we welcome all constructive input. We will
carefully review any suggestions Starboard or their advisors may
have, as we would with any other shareholder.
"As always, Marvell is committed to acting in the best interests
of the company and all of our shareholders, and we are focused on
continuing to leverage our expertise in semiconductor devices to
drive growth across our end markets. We are focused on
executing our strategy as our Audit Committee is moving toward
completion of the previously disclosed independent investigation of
certain accounting and internal control matters and we progress
toward regaining compliance with our SEC reporting
obligations. The Board of Directors has engaged international
executive search firms to conduct searches for additional board
members and a permanent Chief Financial Officer. In 2016, we
will continue to focus on delivering more great products and
solutions to customers and value to shareholders."
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 Audit Committee's investigation and the findings and
recommendations of the Audit Committee, 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 add additional directors, hire a permanent Chief
Financial Officer and to engage a new independent public accounting
firm in a timely manner, Marvell's ability to regain compliance
with its SEC reporting obligations within the time of any exemption
granted by NASDAQ, Marvell's ability to compete in products and
prices in an intensely competitive industry; Marvell's reliance on
the hard disk drive and mobile and wireless markets, which are
highly cyclical and intensely competitive; costs and liabilities
relating to current and future litigation; Marvell's reliance on a
few customers for a significant portion of its revenue; Marvell's
ability to develop and introduce new and enhanced products in a
timely and cost effective manner and the adoption of those products
in the market; seasonality in sales of consumer devices in which
Marvell's products are incorporated; uncertainty in the worldwide
economic conditions; risks associated with manufacturing and
selling a majority of Marvell's products and Marvell's customers'
products outside of the United
States; and other risks detailed in Marvell's SEC filings
from time to time. 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:
John Christiansen / David Isaacs
Sard Verbinnen & Co
415-618-8750
christiansen@sardverb.com / disaacs@sardverb.com
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SOURCE Marvell Technology Group Ltd.