NEW YORK, Oct. 28, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Marvell Technology Group Ltd. ("Marvell" or the "Company") (NasdaqGS: MRVL), during the period between November 20, 2014 and September 10, 2015 inclusive. (the "Class Period").
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company had engaged in inappropriate revenue recognition practices; (2) Marvell's management permitted an inappropriate and ineffective control environment; (3) as a result, the Company's key accounting metrics were misstated; (4) and as a result of the foregoing, Defendants' statements about Marvell's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On September 11, 2015, pre-market, Marvell disclosed that it was conducting an internal investigation of certain accounting and internal control matters. "The investigation consists of a review of certain revenue recognition issues in the second quarter of fiscal 2016 and any associated issues with whether senior management's operating style during the period resulted in an open flow of information and communication to set an appropriate tone for an effective control environment," the company stated in the filing. Specifically, the company said it was focused on 7% to 8% of revenue recognized that would have been received in the third quarter.
Following this news, shares of Marvell fell $1.71 or over 16%, to close at $8.84 on September 11, 2015.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Marvell you have until November 10, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC