SANTA CLARA, Calif.,
June 15, 2016 /PRNewswire/
-- Marvell Technology Group Ltd. (NASDAQ: MRVL) today
announced that, as a result of the previously announced delayed
filing of its Form 10-Q for the first quarter of fiscal 2017, in
accordance with the rules of The Nasdaq Stock Market, it received a
supplemental notice from Nasdaq on June 13,
2016 that the Company does not comply with Nasdaq's
continued listing rule requiring timely filing of all required
periodic reports. As previously disclosed, The Nasdaq
Hearings Panel granted the Company an extension of time to
September 6, 2016 to regain
compliance with the continued listing requirements. In its
supplemental notice, Nasdaq requested that the Company present its
views with respect to this additional deficiency to the Hearings
Panel in writing no later than June
20, 2016. The Company intends to comply with this
request. 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 and the first quarter of fiscal 2017
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," "projects," "believes," "seeks,"
"estimates," "may," "can," "will," "would" and similar
expressions identify such forward-looking statements. These
statements are not guarantees of results and should not be
considered 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, any matters arising out of the review and
audit of Marvell's financial statements by its 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.
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 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.