Marvell Technology Group, Ltd. (NASD: MRVL)
In In re Marvell Technology Group, Ltd. Securities Litigation, NPR serves as Co-Counsel for the lead plaintiffs against Marvell and certain of its officers and directors. This securities fraud case arose out of a six-year, pervasive fraudulent scheme to backdate stock options that resulted in the restatement of all of Marvell¹s financial statements from its initial public offering in 2000 until the first quarter of fiscal year 2007.
The Consolidated Class Action Complaint alleges that Marvell and certain of its officers and directors violated federal securities laws by, among other things, issuing false and misleading statements regarding (a) management's integrity; (b) officer and director compensation; (c) the Company's compliance with its own internal controls and Generally Accepted Accounting Principles; (d) the Company's financial results (including net earnings and earnings per share); and (e) the fact that the Company had failed to properly report its tax liabilities and would be subject to additional tax expenses and possible penalties - all material factors in Marvell's market valuation. Lead Plaintiffs have filed their opposition to Defendants' motions to dismiss and await a ruling.
Class Period: 02.27.03 - 10.02.06
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