Robbins Geller Wins Class Certification for Marvell Technology Investors
In an order dated October 27, 2017, the Honorable William Alsup, United States District Judge for the Northern District of California, certified a class in Luna v. Marvell Technology Group, Ltd. Additionally, the court appointed Robbins Geller as lead counsel and Plumbers and Pipefitters National Pension Fund as lead plaintiff.
Marvell Technology Group, Ltd. is a publicly traded company holding stakes in subsidiaries that produced and sold various semiconductor products. The case charges Marvell and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Specifically, lead plaintiff alleges that Marvell reported revenue and earnings during the class period that were misleading as a result of undisclosed pull-in and concession sales. As a result of this conduct, the price of Marvell securities were artificially inflated, with its stock price reaching a high of over $16 per share during the class period.
“The contention that lead plaintiff was not harmed by Marvell’s alleged fraud because their stock prices bounced back, even after significant declines, is flatly incorrect,” the court ruled, denying defendants’ claims contesting typicality. In denying defendants’ claims of predominance, the court held that “[l]ead plaintiff has proposed a model capable of classwide application.” The court concluded that “[l]ead plaintiff has satisfied the requirements of Rule 23(a) and (b), and has therefore shown that class certification is appropriate.”
Luna v. Marvell Technology Group, Ltd., No. 3:15-cv-05447, Order re Motion for Class Certification (N.D. Cal. Oct. 27, 2017).
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