MRVL—MARVELL TECHNOLOGY GROUP INVESTORS ALERT: Lieff Cabraser Reminds Investors of Upcoming Deadline in Class Action Litiga...
07 October 2015 - 12:00AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
reminds investors of the upcoming deadline to move for appointment
as lead plaintiff in securities class litigation brought on behalf
of investors who purchased or otherwise acquired the securities of
Marvell Technology Group, Inc. (“Marvell” or the “Company”)
(NasdaqGS: MRVL) between November 20, 2014 and September 10, 2015,
inclusive (the “Class Period”).
If you purchased or otherwise acquired Marvell securities during
the Class Period, you may move the Court for appointment as lead
plaintiff by no later than November 10, 2015. A lead plaintiff is a
representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the action
will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the action.
Marvell investors who wish to learn more about the action and
how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
The actions allege that during the Class Period, defendants made
false and/or misleading statements and/or failed to disclose: (1)
that Marvell had engaged in inappropriate revenue recognition
practices; (2) that the Company’s senior management encouraged a
closed and ineffective control environment; (3) that the Company’s
key accounting metrics were misstated; and (4) that the Company
lacked adequate internal controls.
On September 11, 2015, Marvell reported a quarterly loss of
$382.4 million for its second quarter of fiscal 2016, whereas
analysts on average had predicted a quarterly profit of $11.9
million. The Company also announced an internal probe by its Audit
Committee, focused on the approximately 7-8% of revenue recognized
in the second quarter of fiscal 2016 that, based upon 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. On this news, Marvell’s common stock price
fell $1.71 per share, or 16.21%, to close at $8.84 on September 11,
2015, on extraordinarily high volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP is a nationally
recognized law firm committed to advancing investor rights and
promoting corporate responsibility.
For twelve years, the National Law Journal has selected Lieff
Cabraser as one of the top plaintiffs’ law firms in the nation.
Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law
Firm of the Year” each year the publications have given this award
to law firms, including in 2015.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151006005449/en/
Source/Contact for Media Inquiries
Only:Lieff Cabraser Heimann & Bernstein, LLPSharon M.
Lee, 800-541-7358
Marvell Technology (NASDAQ:MRVL)
Historical Stock Chart
From Apr 2024 to May 2024
Marvell Technology (NASDAQ:MRVL)
Historical Stock Chart
From May 2023 to May 2024