Marvell Technology Group Ltd (NASDAQ: MRVL) Investor Securities Class Action Lawsuit 09/11/2015

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Company Name(s): 
Marvell Technology Group
Case Name: 
Marvell Technology Group Shareholder Class Action Lawsuit 09/11/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: MRVL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/11/2015
Class Period Begin: 
02/19/2015
Class Period End: 
12/07/2015
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
11/10/2015
Date Settled: 
12/21/2017
Settlement Amount: 
$72,500,000
Deadline to Participate in Settlement: 
05/07/2018
Summary: 

December 21, 2017 - The court preliminarily approved the settlement.

December 19, 2017 - Parties filed a stipulation of settlement.

May 17, 2017 - The court granted in part and denied in part defendants' motion to dismiss.

January 17, 2017 - Defendants filed a motion to dismiss.

November 28, 2016 - The lead plaintiff filed another amended consolidated complaint.

October 12, 2016 - The court granted defendants' motions to dismiss with leave to amend.

April 29, 2016 - Defendants filed motions to dismiss.

March 19, 2016 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Marvell Technology Group Ltd (NASDAQ: MRVL) common shares between November 20, 2014 through December 7, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 20, 2014 through December 7, 2015.

February 8, 2016 - Lead plaintiff and lead counsel were appointed.

December 22, 2015 - Cases were consolidated.

November 18, 2015 - The case was transferred to the U.S. District Court for the Northern District of California.

November 10, 2015 - Lead plaintiff motions were filed.

September 11, 2015 - An investor in shares of Marvell Technology Group Ltd (NASDAQ: MRVL) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Marvell Technology Group Ltd in connection with certain allegedly false and misleading statements made between November 20, 2014 and September 10, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Marvell Technology Group Ltd (NASDAQ: MRVL) common shares between November 20, 2014 and September 10, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 20, 2014 and September 10, 2015 made allegedly false and/or misleading statements and/or allegedly failed to disclose that Marvell Technology Group Ltd had engaged in inappropriate revenue recognition practices, that Marvell Technology Group Ltd’s management permitted an inappropriate and ineffective control environment, that as a result, Marvell Technology Group Ltd’s key accounting metrics were misstated, that Marvell Technology Group Ltd lacked adequate controls at all relevant times, and that as a result of the foregoing, defendants’ statements about Marvell Technology Group Ltd’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Marvell Technology Group Ltd reported that its Total Revenue rose from over $3.16 billion for the 53 weeks period that ended on February 2, 2013 to over $3.7 billion for the 52 weeks period that ended on January 31, 2015 and that its respective Net Income increased from $306.58 million to $435.35 million.

Shares of Marvell Technology Group Ltd (NASDAQ: MRVL) grew from $7.17 per share in late December 2012 to as high as $16.59 per share in February 2015.

On September 11, 2015, Marvell Technology Group Ltd disclosed that it was conducting an internal investigation of certain accounting and internal control matters. Marvell Technology Group Ltd said that 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. Shares of Marvell Technology Group Ltd (NASDAQ: MRVL) declined to as low as $8.21 per share on September 11, 2015