Marvell Restatement Inspires Class Action

Law360, New York (October 6, 2006, 12:00 AM EDT) -- Marvell Technology Group Ltd. has been hit with a class action securities suit, just after Marvell revealed that none of its financial statements and earnings press releases since the company’s initial public offering in June of 2000 should be relied on.

Marvell’s statement stemmed from on ongoing internal probe of the company’s stock option granting practices.

According to a press release Marvel issued on October 2, “The board of directors has concluded that the company will need to restate historical financial statements to record additional non-cash...
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