×

November 10 Deadline in Lawsuit for Investors in Marvell Technology Group Ltd. (NASDAQ:MRVL) Shares Who Have Losses in Excess of $100,000 Announced by Shareholders Foundation

SAN DIEGO, Oct. 28, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a deadline is coming up on November 10, 2015 for certain investors to get actively involved in the lawsuit against Marvell Technology Group over alleged securities laws violations. The plaintiff seeks to recover damages on behalf of all purchasers of Marvell Technology Group Ltd. (NASDAQ:MRVL) stock between November 20, 2014 and September 10, 2015.

Shares of Marvell Technology Group have declined from $16.74 in March 2015 to as low as $7.55 on October 27, 2015.

Investors who have losses in excess of $100,000 from their investment between November 20, 2014 and September 10, 2015 in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff claims that defendants made certain allegedly false and/or misleading statements and/or allegedly failed to disclose that Marvell Technology Group had engaged in inappropriate revenue recognition practices, that Marvell Technology Group’s management permitted an inappropriate and ineffective control environment, that as a result, Marvell Technology Group’s key accounting metrics were misstated, that Marvell Technology Group lacked adequate controls at all relevant times, and that as a result of the foregoing, Defendants’ statements about Marvell Technology Group’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On September 11, 2015, Marvell Technology Group disclosed that it was conducting an internal investigation of certain accounting and internal control matters. Marvell Technology Group Ltd said that the investigation consists of a review of certain revenue recognition issues in the second quarter of fiscal 2016 and any associated issues with whether senior management's operating style during the period resulted in an open flow of information and communication to set an appropriate tone for an effective control environment.

On October 26, 2015 Marvell Technology Group disclosed that Pricewaterhouse Coopers LLP (“PwC”) had resigned as its outside auditor. In its resignation, PwC questioned whether Marvell Technology Group’s senior management set a “tone for effective control.”

Those who have losses in excess of $100,000 from their investment in shares of Marvell Technology Group Ltd. between November 20, 2014 and September 10, 2015 should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 mail@shareholdersfoundation.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108

Source:Shareholders Foundation, Inc.