NEW YORK, NY / ACCESSWIRE / September 11, 2015 / Pomerantz LLP is investigating claims on behalf of investors of Marvell Technology Group Ltd.. ("Marvell" or the "Company") (NASDAQ: MRVL) Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Marvell and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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.
On this news, the company's stock has dropped as much as $2.20, or 20.85%, during intraday trading on September 11, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
