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 info@bgandg.com.
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.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC