Marvell Technology Group, Ltd. is an American company that designs integrated circuits primarily for data storage, networking, and communications.

According to the law firm press release, on September 11, 2015, the Company reported a quarterly loss of $382.4 million for its fiscal second quarter, whereas analysts on average had predicted a quarterly profit of $11.9 million. The Company also announced an internal probe by its Audit Committee into Marvell’s accounting practices including its revenue recognition, litigation reserves, and internal controls. On this news shares of Marvell fell $1.71 per share, or nearly 17%, to close on September 11, 2015 at $8.84 per share, on unusually high volume.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Marvell had engaged in inappropriate revenue recognition practices; (2) the Company’s management permitted an inappropriate and ineffective control environment; (3) as a result, Marvell’s key accounting metrics were misstated; (4) that the Company lacked adequate controls at all relevant times; (5) and as a result of the foregoing, Defendants’ statements about Marvell’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On November 27, 2015, this case was transferred to the Northern District of California.

On February 8, 2016, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on March 19.

On October 12, 2016, the Court issued an Order granting Defendants' Motions to Dismiss with leave to amend. An amended Complaint was filed on November 28.

On October 27, 2017, the Court granted the Motion for Class Certification. On December 19, the Parties entered into a Stipulation of Settlement. The Court issued an Order preliminarily approving the Settlement on December 21. On April 20, 2018, the Court granted final approval of the Settlement and entered Final Judgment.