Wolf Popper LLP Announces Investigation on Behalf of Investors in Marvell Technology Group Ltd.
NEW YORK, Sept. 11, 2015 /PRNewswire/ -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of investors in Marvell Technology Group Ltd. securities (NASDAQ: MRVL). Marvell investors can contact Fei-Lu Qian at 877.370.7703 or [email protected] for more information.
On May 21, 2015, after the market closed, the Company announced financial results for the first quarter of fiscal 2016 and also provided financial outlook for the second quarter of fiscal 2016. Specifically, the Company expected diluted earnings per share "to be in the range of $0.02 +/- $0.01."
However, on September 11, 2015, before the market opened, the Company disclosed preliminary second quarter of fiscal 2016 results including a diluted loss of $0.74 per share due to "certain revenue recognition issues in the second quarter of fiscal 2016" where "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." As a result, the Company's Audit Committee is "conducting an independent investigation of certain accounting and internal control matters" including "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 this disclosure, Marvell common stock has declined $1.73 per share or more than 16% during intraday trading on September 11, 2015.
Wolf Popper LLP has extensive experience representing shareholders in securities class actions and has successfully recovered billions of dollars for defrauded investors. The reputation and expertise of the firm in representing shareholders has been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com
Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.
Wolf Popper LLP
Fei-Lu Qian
845 Third Avenue
New York, NY 10022
Tel.: 877.370.7703
Fax: 877.370.7704
Email: [email protected]
SOURCE Wolf Popper LLP
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