Shareholders of Marvell Technology Group Ltd. May Be Affected by Block & Leviton LLP's Investigation into the Company for Possible Violations of the Federal Securities Laws
BOSTON, Sept. 11, 2015 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm whose attorneys have recovered billions of dollars for investors affected by securities fraud, is investigating possible securities law violations by Marvell Technology Group Ltd. ("Marvell Tech" or the "Company") (NASDAQ: MRVL) and certain of its officers and directors.
Before the market opened on September 11, 2015, Marvell Tech filed a Form 12b-25 with the United States Securities and Exchange Commission (the "SEC") announcing that it was not going to be able to timely file its Form 10-Q reporting its financial results for the period ended August 1, 2015. It announced that the Audit Committee of its Board of Directors is conducting an independent investigation of certain accounting and internal control matters in the second quarter of fiscal 2016. The investigation consists of a review of revenue recognition issues in the second quarter of fiscal 2016 and associated issues with senior management's operating style during the period. More specifically, the investigation has focused on the approximately 7 to 8 percent of revenue 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. The Audit Committee is also reviewing certain aspects of the Company's internal control over financial reporting
In early trading following the announcement, the Company hit its 52 week low, and its stock was as much as 22%, an aggregate loss to investors of over $900 million.
Block & Leviton's investigation seeks to determine whether Marvell Tech or its officers and directors violated the federal securities laws through the underlying issues that caused the Company to miss its filing deadlines with the SEC. If you purchased or otherwise acquired Marvell Tech securities before September 11, 2015, and have questions about your legal rights or possess information relevant to this investigation, please contact attorney Steven Harte of Block & Leviton LLP at (617) 398-5600 or email him at [email protected]. Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.
This notice may constitute attorney advertising.
Contact: BLOCK & LEVITON LLP
Steven Harte, Esq.
(617) 398-5600
155 Federal St
Boston, MA 02110
[email protected]
SOURCE Block & Leviton LLP
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