WILMINGTON, Del., Nov. 09, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC , a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit has been filed in the U.S. District Court, Southern District of New York, Case No. 1:15-cv-07214, on behalf of investors of Marvell Technology Group, Ltd. (NASDAQ: MRVL ) (“Marvell Technology” or the “Company”) that held shares between November 20, 2014 and September 10, 2015 (the “Class Period”). If you purchased Marvell Technology securities during the Class Period, you may, no later than November 10, 2015, request that the Court appoint you lead plaintiff of the proposed class.
A copy of the complaint is available from Andrews & Springer LLC or the Court. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com , or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc , Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
On September 11, 2015, the Company disclosed to the public that it would not timely file its 10-Q report with the U.S. Securities and Exchange Commission because the Company’s internal Audit Committee was conducting an investigation into certain financial controls and accounting. In particular, Marvell Technology disclosed that its Audit Committee was investigating the 7% to 8% of revenue that was recognized in the second quarter of fiscal 2016 that, based upon the original customer request date, would have been received and earned in the third quarter of fiscal 2016 and is now no longer available for receipt in that quarter.
As a result of this news, Marvell Technology’s stock price fell approximately 17% (equivalent to $1.72 per share) on high volume on September 11, 2015, causing shareholders to incur millions in losses.
On October 26, 2015, Business Insider reported that Pricewaterhouse Coopers LLP (“PwC”) resigned as the Company’s outside auditor. In its resignation, PwC questioned whether senior management’s “operating style resulted in an open flow of information and communication to set an appropriate tone for an effective control environment.”
The complaint further alleges that during the Class Period, Marvell Technology and certain directors made false and/or misleading statements and/or failed to disclose that: (1) that the Company had engaged in inappropriate revenue recognition practices; (2) the Company's senior management encouraged a closed and ineffective control environment; (3) as a result, the Company's key accounting metrics were misstated; (4) the Company lacked adequate internal controls at all relevant times; and (5) as a result of the foregoing, Defendants' statements about Marvell Technology's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you wish to serve as lead plaintiff, you must move the Court no later than November 10, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com , or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc , Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com . This notice may constitute Attorney Advertising.
Contact: Craig J. Springer, Esq. cspringer@andrewsspringer.com Toll Free: 1-800-423-6013
