September 16, 2019 / 7:03 PM / a month ago

Marvell Technology to pay $5.5 million to settle disclosure-related charges: SEC

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said on Monday that Marvell Technology Group Ltd (MRVL.O) will pay $5.5 million to settle charges it misled investors when it orchestrated a scheme to “pull in” sales scheduled for future quarters to the current quarter.

The scheme masked a substantial decline in customer share and loss of market share, the SEC said. The firm consented to the SEC order without admitting or denying the agency’s findings, according to the SEC.

Reporting by Makini Brice; Editing by Tim Ahmann

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