SANTA CLARA, Calif., June 15, 2016 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL) today announced that, as a result of the previously announced delayed filing of its Form 10-Q for the first quarter of fiscal 2017, in accordance with the rules of The Nasdaq Stock Market, it received a supplemental notice from Nasdaq on June 13, 2016 that the Company does not comply with Nasdaq's continued listing rule requiring timely filing of all required periodic reports. As previously disclosed, The Nasdaq Hearings Panel granted the Company an extension of time to September 6, 2016 to regain compliance with the continued listing requirements. In its supplemental notice, Nasdaq requested that the Company present its views with respect to this additional deficiency to the Hearings Panel in writing no later than June 20, 2016. The Company intends to comply with this request. The Company is working diligently to complete the preparation and filing of its Annual Report on Form 10-K for fiscal 2016 and its Quarterly Reports on Form 10-Q for the second and third quarters of fiscal 2016 and the first quarter of fiscal 2017 as soon as practicable.
Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties, including: its use of non-GAAP financial measures as important supplemental information. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. These statements are not guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, Marvell's ability to regain compliance with its SEC reporting obligations within the time of the exemption granted by the Nasdaq hearing panel, any matters arising out of the review and audit of Marvell's financial statements by its new independent registered public accounting firm, adverse impact of litigation or regulatory activities and other risks detailed in Marvell's SEC filings from time to time. For other factors that could cause Marvell's results to vary from expectations, please see the risk factors identified in the Marvell's latest Annual Report on Form 10-K for the year ended January 31, 2015 and its latest Quarterly Report on Form 10-Q for the quarter ended May 2, 2015 as filed with the SEC, and other factors detailed from time to time in Marvell's filings with the SEC. Marvell undertakes no obligation to revise or update publicly any forward-looking statements.
Marvell (NASDAQ: MRVL) is a global leader in providing complete silicon solutions. From storage to cloud infrastructure, Internet of Things (IoT), connectivity and multimedia, Marvell's diverse product portfolio aligns complete platform designs with industry-leading performance, security, reliability and efficiency. At the core of the world's most powerful consumer, network and enterprise systems, Marvell empowers partners and their customers to always stand at the forefront of innovation, performance and mass appeal. By providing people around the world with mobility and ease of access to services, adding value to their social, personal and work lives, Marvell is committed to enhancing the human experience.
As used in this release, the term "Marvell" refers to Marvell Technology Group Ltd. and its subsidiaries. For more information, please visit www.Marvell.com.
Marvell and the M logo, are registered trademarks of Marvell and/or its affiliates.
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