BOSTON, Nov. 06, 2015 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm whose attorneys have recovered billions of dollars for investors affected by securities fraud, reminds investors that the deadline in the litigation the firm has filed against Marvell Technology Group Ltd. (“Marvell Tech” or the “Company”) (NASDAQ:MRVL) and certain of its officers and directors is Tuesday, November 10, 2015. The case is captioned Farno v. Marvell Technology Group, Ltd. case number 1:15-cv-07300. Both investors who disposed of their Marvell Tech securities following the disclosures as well as those who have retained their interests are eligible for participation in the litigation.
If you purchased or otherwise acquired Marvell Tech securities during the Class Period of November 20, 2014 through September 10, 2015, you may seek to be a lead plaintiff of the Class and you have until November 10, 2015 to file your motion. If you have questions about your legal rights, would like a copy of the Complaint or if you possess information relevant to this litigation, please contact attorney Steven Harte of Block & Leviton LLP at (617) 398-5600 or email him at Steven@blockesq.com.
Before the market opened on September 11, 2015, Marvell Tech filed a Form 12b-25 with the United States Securities and Exchange Commission (the “SEC”) announcing that it was not going to be able to timely file its Form 10-Q reporting its financial results for the period ended August 1, 2015. It announced that the Audit Committee of its Board of Directors is conducting an independent investigation of certain accounting and internal control matters in the second quarter of fiscal 2016. The investigation consists of a review of revenue recognition issues in the second quarter of fiscal 2016 and associated issues with senior management’s operating style during the period. More specifically, the investigation has focused on the 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. The Audit Committee is also reviewing certain aspects of the Company’s internal control over financial reporting.
In early trading following the announcement, the Company hit its 52 week low, and its stock was as much as 22%, an aggregate loss to investors of over $900 million.
If you purchased Marvell securities during the Class Period, you need not take any action at this time and you will remain a member of the class or you may retain counsel of your own choosing, if you so desire.
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