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Marvell Technology Group Ltd. (NASDAQ: MRVL) is down 3.7 percent in Friday trading after the company disclosed that it will be missing the deadline for submission of its 10-K regulatory filing. The company also reported that it expects its fiscal 2016 net revenue to fall “significantly lower” than its 2015 totals.
In addition, Marvell expects its $750 million settlement with Carnegie Mellon University to push the company’s net earnings into the red for fiscal 2016.
While most investors were blindsided by the report, one trader either had extremely good luck or somehow knew about the filing before it was released.
Marvell’s filing was officially made public at around 5 PM Thursday evening, but someone took a huge 2177 share stake in weekly Marvell put options at strike price of $10.50 prior to the official release of the documents.
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Shares sold off to as low as $8.75 in the after hours, likely resulting in huge profits on the new position.
Marvell is currently under federal investigation for accounting issues, but has adamantly denied fraudulent activities. The company’s external accounting firm, PricewaterhouseCoopers, cutties with Marvell last October and was replaced by Deloitte & Touche last month.
Marvel shares are down 33.0 percent in the past year.
Disclosure: the author holds no position in the stocks mentioned.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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