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Shares of
Marvell Technology Group Ltd.MRVL were trading lower by nearly 5 percent early Friday morning after the company
notified investors that the submission of its 10-K regulatory filing will be submitted late.
Marvell Technology also stated that it expects total net revenue to be "significantly lower" for fiscal 2016 than 2015 due to a decrease in demand for its storage products and restructuring of its mobile platform business. The company also noted that it expects to incur a net loss in fiscal 2016 due to a $750 million settlement with Carnegie Mellon University. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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