A lawsuit was filed on behalf of investors in Marvell Technology Group Ltd. (NASDAQ:MRVL) shares over alleged securities laws violations and NASDAQ:MRVL investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/28/2015 -- The Shareholders Foundation announced that a shareholder in shares of Marvell Technology Group Ltd. (NASDAQ:MRVL), filed a lawsuit against Marvell Technology Group Ltd. over alleged Securities Laws violations in connection with certain allegedly false and misleading statements.
Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) declined to as low as $8.21 per share on September 11, 2015.
Investors who purchased shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) have certain options and for certain investors are short and strict deadlines running. Deadline: November 10, 2015. NASDAQ:MRVL investors should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The plaintiff alleges on behalf of purchasers of Marvell Technology Group Ltd. (NASDAQ:MRVL) common shares between November 20, 2014 and September 10, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 20, 2014 and September 10, 2015 made allegedly false and/or misleading statements and/or allegedly failed to disclose that Marvell Technology Group had engaged in inappropriate revenue recognition practices, that Marvell Technology Group's management permitted an inappropriate and ineffective control environment, that as a result, Marvell Technology Group's key accounting metrics were misstated, that Marvell Technology Group lacked adequate controls at all relevant times, and that as a result of the foregoing, Defendants' statements about Marvell Technology Group's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On September 11, 2015, Marvell Technology Group Ltd disclosed that it was conducting an internal investigation of certain accounting and internal control matters. Marvell Technology Group Ltd said that the investigation consists of a review of certain revenue recognition issues in the second quarter of fiscal 2016 and 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 September 25, 2015, NASDAQ:MRVL shares closed at $9.33 per share.
Those who purchased shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego