Defendant Name: Marvell Technology Group, Ltd.

Defendant Type: Public Company

Document Reference: 2019-175

Document Details

Legal Case Name In the Matter of Marvell Technology Group, Ltd.
Document Name SEC Charges Silicon Valley-Based Issuer With Misleading Disclosure Violations
Document Date 16-Sep-2019
Document Format Administrative Proceeding
File Number 3-19454
Allegation Type Issuer Reporting and Disclosure
Document Summary The SEC stated: "Marvell Technology Group, Ltd. will pay $5.5 million to settle charges that it misled investors when it engaged in an undisclosed revenue management scheme in order to meet publicly-issued revenue guidance."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Monetary Penalties:

Total Penalty

Individual:     $5,500,000.00 Shared:    

Related Documents:

33-10684 16-Sep-2019 Administrative Proceeding
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
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)."