Marvell Technology : SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Technology Group Ltd. - MRVL
September 25, 2015 at 10:00 pm EDT
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NEW ORLEANS, LA--(Marketwired - Sep 25, 2015) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until November 10, 2015 to file lead plaintiff applications in a securities class action lawsuit against Marvell Technology Group Ltd. (NASDAQ: MRVL) if they purchased the Company's securities between November 20, 2014 and September 10, 2015, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Marvell and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by November 10, 2015.
About the Lawsuit
Marvell and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On September 11, 2015, Marvell announced its preliminary second-quarter of fiscal year 2016 results of a loss of $382.4 million, whereas analysts had predicted a profit of $11.9 million. The Company further revealed that the audit committee of the board "is conducting an investigation of certain accounting and internal control matters," including whether revenue was recognized earlier than it should have been and whether senior management "set an appropriate tone for an effective control environment."
On this news, the price of Marvell's stock plummeted by over 16%.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Marvell Technology Group Ltd specializes in designing and marketing integrated communications and storage circuits intended for manufacturers of high-speed network equipment, hard disks, and consumer electronics. Net sales break down by area of application as follows:
- data centers (40.7%): artificial intelligence systems, data storage systems, Ethernet switches, servers, interconnection systems, etc.;
- enterprise networks (23.1%): routers, Ethernet switches, wireless access points, network equipment, workstations, etc. for campuses, small and medium-sized enterprises;
- telecom network infrastructures (18.3%): access multiplexers, Ethernet switches, optical transport systems, routers, wireless radio network access systems, etc.;
- consumer electronics (11.9%): broadband gateways and routers, game console systems, home data storage systems, home wireless access points, personal computer systems, printers and receiver terminals;
- automotive and industrial (6%): advanced driver assistance systems, autonomous vehicle systems, embedded network systems, industrial Ethernet switches, video surveillance systems.
Net sales are distributed geographically as follows: the United States (11.7%), China (42%), Malaysia (6.6%), Thailand (6.6%), Singapore (5.6%), Taiwan (4.9%), Japan (4.4%), Finland (3.2%), Philippines (2.9%) and other (12.1%).
MARVELL TECHNOLOGY GROUP LTD 
