At least the guy owns shares. As a matter of fact I bought a while back and I don't post much but I happen to read the thread everyday and I like people that post new columns and stuff. It saves me a lot of time searching. This guy hope and before_its_news do a great service for shareholders and I commend them and anyone else that posts real articles here. As for you chardda233....if your not a shareholder what exactly is your purpose for spending so much time on this thread. Thanks in advance.
"A little bit of bad news"........are you kidding? Hundreds of millions lost already and already flowing into 2016. Class Action Suit filed Friday night and more poop coming down the pipe Monday for sure. Wake up, this is not a little bad news by any stretch of the imagination. I know it's hard to sell and people figure that they will just average down or buy on the low but this is not good strategy with a falling knife.
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.