SANTA CLARA, Calif.,
May 3, 2016 /PRNewswire/
-- Marvell Technology Group Ltd. (Nasdaq: MRVL) today
announced that the Company has received written notification from
Nasdaq that, following Marvell's hearing before The Nasdaq Hearings
Panel on April 14, 2016, it has
granted the Company an extension of time to September 6, 2016 to regain compliance with
continued listing requirements. Until that time, shares of
Marvell stock will remain listed on The Nasdaq Stock
Market.
On February 22, 2016, the Audit
Committee approved the engagement of Deloitte & Touche LLP as
the Company's new independent public accounting firm. On
March 1, 2016, the Company reported
the results of the Audit Committee's independent investigation of
certain accounting and internal control matters. With these
two key matters completed, the Company is working diligently to
complete the preparation and filing of its Annual Report on Form
10-K for fiscal 2016 and its Quarterly Reports on Form 10-Q for the
second and third quarters of fiscal 2016 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, Marvell's ability to regain
compliance with its SEC reporting obligations within the time of
the exemption granted by the NASDAQ hearing panel, the results of
further review by the Audit Committee of certain matters that came
to the Audit Committee's attention during the course of its
now-completed investigation, any matters arising out of the review
and audit of our financial statements by Marvell's new independent
registered public accounting firm, adverse impact of litigation or
regulatory activities 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. From storage
to cloud infrastructure, Internet of Things (IoT), connectivity and
multimedia, 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, personal and work lives, Marvell is
committed to enhancing the human experience.
For more information, please visit www.Marvell.com.
Marvell and the M logo are registered trademarks of Marvell
and/or its affiliates. Other names and brands may be claimed as the
property of others.
For further
information, contact:
|
John Spencer
Ahn
|
Sue Kim
|
Investor
Relations
|
Media
Relations
|
408-222-7544
|
408-222-1942
|
johnahn@marvell.com
|
suekim@marvell.com
|
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SOURCE Marvell Technology Group Ltd.