GPM Files Securities Class Action Lawsuit Against Marvell Technology Group, Ltd.
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Dividend Yield: 0.3%
Revenue Growth %: -11.4%
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LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) of purchasers of the securities of Marvell Technology Group, Ltd. (“Marvell” or the “Company”) (Nasdaq: MRVL) between November 20, 2014 and September 10, 2015, inclusive (the “Class Period”). Shareholders have 60 days from the date of this notice to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.
Please contact Casey Sadler at 888-773-9224 or 310-201-9150, or at [email protected] to discuss this matter. If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
On September 11, 2015, the Company reported a quarterly loss of $382.4 million for its fiscal second quarter, whereas analysts on average had predicted a quarterly profit of $11.9 million. The Company also announced an internal probe by its Audit Committee into Marvell’s accounting practices including its revenue recognition, litigation reserves, and internal controls. On this news shares of Marvell fell $1.71 per share, or nearly 17%, to close on September 11, 2015 at $8.84 per share, on unusually high volume.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that : (1) Marvell had engaged in inappropriate revenue recognition practices; (2) the Company’s management permitted an inappropriate and ineffective control environment; (3) as a result, Marvell’s key accounting metrics were misstated; (4) that the Company lacked adequate controls at all relevant times; (5) and as a result of the foregoing, Defendants’ statements about Marvell’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you are a member of the Class described above, you may move the Court no later than November 10, 2015, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to [email protected], or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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/20150911005929/en/
Glancy Prongay & Murray LLP, Los Angeles
Casey Sadler,
310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.com
Source: Glancy Prongay & Murray LLP
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