Defendant Name:
Marvell Technology Group, Ltd.
Defendant Type:
Public Company
SIC Code:
3674
CUSIP:
G5876H10
Document Reference:
33-10684
Document Details
Legal Case Name
In the Matter of Marvell Technology Group, Ltd.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings and Imposing a Cease-and-Desist Order
Document Date
16-Sep-2019
Document Format
Administrative Proceeding
AAER
4076
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 16, 2019, the SEC instituted settled cease-and-desist proceedings against Marvell Technology Group, Ltd. ("Marvel"). The Commission stated: "This matter concerns an undisclosed revenue management scheme by Marvell Technology Group. Faced with a substantial decline in customer demand in its core product markets, and concerned about the adverse consequences that would result from missing its public guidance, Marvell orchestrated a plan to accelerate, or pull-in, sales that had originally been scheduled for future quarters to the current quarter in order to close the gap between actual and forecasted revenue, meet publicly-issued guidance, and mask declining sales. As a result, Marvell made materially misleading public statements and omitted to disclose certain facts regarding its financial results for the fourth quarter of fiscal year 2015 (Q4 FY2015) and first quarter of fiscal year 2016 (Q1 FY2016)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$5,500,000.00
Shared:
