Delisting Notice for Marvell Sent
Marvell Technology on Tuesday said it has received a delisting notice from the Nasdaq Stock Market, as a result of its delay in filing its second-quarter earnings report. The news was not unexpected, given that Marvell announced in August that it would be unable to file its quarterly report on time due to its internal investigation into historical stock-option practices.
Last month, Marvell said it generated $547 million in sales in second-quarter revenue, but did not provide income or other financial information due to its internal investigation. Under Nasdaq regulations, any delays in filing periodic financial reports automatically trigger a delisting notice. Marvell said it will appeal the delisting to a special Nasdaq panel, and that its stock will remain listed on the exchange in the interim. Shares of Marvell, which gained $1.56 in regular trading Tuesday, fell 1.2%, or 24 cents, to $19.11 in extended trading.
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