September 11, 2015
Bernstein Liebhard LLP is investigating whether Marvell Technology Group, Ltd. (“Marvell” or the “Company”) (NASDAQ: MRVL) violated the federal securities laws.
On May 21, 2015, after the market closed, the Company announced financial results for the first quarter of fiscal 2016 and also provided a financial outlook for the second quarter of fiscal 2016. Specifically, the Company announced that it expected diluted earnings per share “to be in the range of $0.02 +/- $0.01.”
On September 11, 2015, before the market opened, the Company announced preliminary second quarter fiscal 2016 results, which included a diluted loss of $0.74 per share due to “certain revenue recognition issues in the second quarter of fiscal 2016.” Marvell disclosed that, as a result, the Company’s Audit Committee was “conducting an independent investigation of certain accounting and internal control matters.” The investigation is focusing on whether revenue was recognized earlier than it should have been and whether senior management “set an appropriate tone for an effective control environment,” according to the Company. On this disclosure, Marvell common stock has declined $1.73 per share or more than 16% during intraday trading on September 11, 2015.
If you are interested in discussing your rights as a Marvell shareholder, and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.