SANTA CLARA, Calif., Dec. 17, 2015 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL) today announced that, as a result of its previously announced delayed filing of its Form 10-Q for the third quarter of fiscal 2016, in accordance with the rules of The NASDAQ Stock Market, on December 14, 2015, it received a supplemental notice from NASDAQ that the Company does not comply with NASDAQ's listing rules for continued listing. As previously disclosed, the Company received notice on December 1, 2015 that the NASDAQ had granted the Company an extension of time to March 8, 2016 to regain compliance with the continued listing rules. In its supplemental notice, NASDAQ requested that the Company submit an update to its compliance plan previously filed with NASDAQ by January 13, 2016. The Company intends to comply with this request and intends to take all necessary steps to achieve compliance with the NASDAQ continued listing requirements 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," "believes," "seeks," "estimates," "can," "will" and similar expressions identify such forward-looking statements. These statements are not guarantees of results and should not be considered as 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, among others: the timing and outcome of the previously announced Audit Committee investigation, actions that may be taken by Marvell as a result of the Audit Committee's investigation, adverse impact of litigation or regulatory activities, Marvell's ability to engage a new independent public accounting firm in a timely manner, the outcome of NASDAQ's review of Marvell's update to its compliance plan and Marvell's ability to regain compliance with its SEC reporting obligations within the time of the exemption granted by NASDAQ. 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 and Kinoma software enabling the "Smart Life and Smart Lifestyle." From storage to Internet of Things (IoT), cloud infrastructure, digital entertainment and in-home content delivery, 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, private 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.
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SOURCE Marvell Technology Group Ltd.