NEW ORLEANS, Sept. 14, 2015 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until November 10, 2015 to file lead plaintiff applications in a securities class action lawsuit against Marvell Technology Group Ltd. (NasdaqGS:MRVL) if they purchased the Company’s securities between November 20, 2014 and September 10, 2015, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Marvell and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by November 10, 2015.
About the Lawsuit
Marvell and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On September 11, 2015, Marvell announced its preliminary second-quarter of fiscal year 2016 results of a loss of $382.4 million, whereas analysts had predicted a profit of $11.9 million. The Company further revealed that the audit committee of the board “is conducting an investigation of certain accounting and internal control matters,” including whether revenue was recognized earlier than it should have been and whether senior management “set an appropriate tone for an effective control environment.”
On this news, the price of Marvell’s stock plummeted by over 16%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.