Bernstein Liebhard LLP Investigates Claims On Behalf Of Those Who Invested In Marvell Technology Group, Ltd.
NEW YORK, Sept. 11, 2015 /PRNewswire/ -- Liebhard LLP is investigating whether Marvell Technology Group, Ltd. ("Marvell" or the "Company") (NASDAQ: MRVL) violated the federal securities laws.
On May 21, 2015, after the market closed, the Company announced financial results for the first quarter of fiscal 2016 and also provided a financial outlook for the second quarter of fiscal 2016. Specifically, the Company announced that it expected diluted earnings per share "to be in the range of $0.02 +/- $0.01."
On September 11, 2015, before the market opened, the Company announced preliminary second quarter fiscal 2016 results, which included a diluted loss of $0.74 per share due to "certain revenue recognition issues in the second quarter of fiscal 2016." Marvell disclosed that, as a result, the Company's Audit Committee was "conducting an independent investigation of certain accounting and internal control matters." The investigation is focusing on whether revenue was recognized earlier than it should have been and whether senior management "set an appropriate tone for an effective control environment," according to the Company. On this disclosure, Marvell common stock has declined $1.73 per share or more than 16% during intraday trading on September 11, 2015.
If you are interested in discussing your rights as a Marvell shareholder, and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs' firms in the country.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
[email protected]
Logo - http://photos.prnewswire.com/prnh/20120202/MM47134LOGO
SOURCE Bernstein Liebhard LLP
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article