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Bermuda-based Marvell Technology Group, Ltd. Group
(NASDAQ: MRVL) provides semiconductors of analog, mixed-signal,
digital signal processing, and embedded microprocessor integrated
circuits worldwide.
On October 3, 2006, the defendants announced that the Company
would be forced to restate its financial statements to correct for the
backdating of stock options. From the time that assertions were first
made in the press that Marvell's options practices might be questionable
to the date of this announcement, Marvell stock sank from over $28 per
share to roughly $16 per share. Investors who purchased Marvell Technology from the beginning of 2005 to October 3, 2006 are affected.
Another company whose investors are hurt by revelations of
backdated options is Aspen Technology, Inc. (NASDAQ: AZPN)
which provides software and professional services that enable
process companies to model, manage, and control their operations.
On September 6, 2006, after the close of trading, Aspen disclosed,
among other things, that a subcommittee of independent directors
concluded that errors were made in the accounting for certain historical
stock options granted during and prior to fiscal 2004, and previously
issued financial statements will require restatement as a result of these
errors. The Company also disclosed that certain of the Company's
previously issued financial statements and the related reports of its
independent registered public accounting firm should not be relied upon.
Not surprising, Aspen shares dropped the following day. It appears
that investors who purchased Aspen between February 8, 2006 and
September 6, 2006 are affected.
If you are an affected shareholder in Marvell Technology Group,
Aspen Technology Inc. or any of the companies listed below
(details available at www.securitiessleuth.com), you may wish to
contact Mark McNair at info@securitiessleuth.com or 877.511.4717
to discuss your options.
ADVO, Inc. (NYSE:AD)
Affiliated Computer Services (ACS)
CNET Networks (CNET)
F5 Networks Inc. (FFIV)
Jabil Circuit, Inc. (NYSE: JBL)
McAfee Inc. (MFE)
Power Integrations (POWI)
Semtech (SMTC)
The Shaw Group (SGR)
Tier Technologies Inc. (TIERE)
Now with respect to securities cases that have recently settled. If
you are an affected investor - you purchased any of these stocks
during the relevant class period, you may wish to contact the
claims administrator to obtain additional information. Remember,
if you don't submit your claim form, you won't receive your share
of any settlement.
Symbol Technology, Inc. (SBL)
Class Period: March 2, 2000 to October 17, 2002
Claims Deadline: October 31, 2006
Claims Administrator: A.B. Data
Tellium, Inc. (TELM)
Class Period: May 17, 2001 to July 1, 2002
Claims Deadline: October 18, 2006
Claims Administrator: Analytics
Information regarding other recent settled cases, including the cases
listed below can be found at www.securitiessleuth.com.
Imperial Chemical Industries PLC (ICI)
Vistacare, Inc. (VSTA)
ARM Financial Group (ARMGQ)
Carreker Corp. (CANI)
Loewen Group Inc. (LWN)
Razorfish, Inc. (RAZF)
Again you should contact the claims administrator (rather than us).
However, if you are an affected investor in any of the companies
under investigation, you many wish to contact us so that you can
consider your options.
Likewise, if you happen to be aware of corporate restatements or
other financial fraud -- especially if you're a victim -- you're encouraged
to contribute to the Sleuth by giving your own tip-offs at
www.securitiessleuth.com or by e-mailing info@securitiessleuth.com.
You can also call Mark McNair at 877-511-4717. If you have a friend
or colleague you think would benefit from The Sleuth, please pass
along this issue and ask them to sign up at
www.cartville.com/app/join.asp?MerchantID=47994.
Warmest regards,
Mark McNair
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