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September 16, 2019

Posted  September 16, 2019

Marvell Technology Group, Ltd. will pay $5.5 million to resolve charges of fraudulent accounting practices in 2015 and 2016.  Marvell allegedly accelerated sales in the fourth quarter of 2015 and first quarter of 2016, pulling those sales into the earlier quarters in order to mask a substantial decline in customer demand and loss of market share and make it appear that they were meeting forecasted revenue and publicly-issued revenue guidance.  The “pull-in” sales, in the amount of $24 million and $64 million, accounted for 5% and 16% of total revenue in the respective quarters.  SEC

Tagged in: Accounting Fraud, Financial and Investment Fraud, Securities Fraud,