MARVELL TECHNOLOGY GROUP LTD. (NASDAQ:MRVL) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure

Luna Litigation and Consolidated Cases. As previously disclosed by Marvell Technology Group Ltd. (the “Company”), on September 11, 2015, Daniel Luna filed an action asserting class action claims on behalf of the Company’s shareholders in the United States District Court for the Southern District of New York. This action was consolidated with two additional, nearly identical complaints subsequently filed by Philip Limbacher and Jim Farno and was transferred to the Northern District of California. The complaints asserted violations of federal securities laws based on allegations that the Company and certain of its officers and directors (Sehat Sutardja, Michael Rashkin and Sukhi Nagesh, the latter two of which were subsequently dismissed) made, caused to be made, or failed to correct false and/or misleading statements in the Company’s press releases and public filings. The complaints requested damages in unspecified amounts, costs and fees of bringing the action, and other unspecified relief.

On December 19, 2017, Lead Plaintiff Plumbers and Pipefitters National Pension Fund and the remaining defendants entered into a written settlement agreement that is subject to the Court’s approval and provides for class-wide releases in exchange for a payment by the Company of $72.5 million, which the Company must place into escrow within 20 business days of the Court’s preliminary approval of the class settlement. In the settlement agreement, the defendants expressly deny all charges of wrongdoing or liability against them arising out of any of the conduct alleged in the litigation and state that they determined that having taken into account the uncertainty and risks inherent in any litigation, especially in complex cases such as this, it is desirable and beneficial to them that the litigation be fully and finally settled.

The settlement agreement was preliminarily approved by the Court on December 21, 2017, and the final settlement approval hearing has been scheduled for April 17, 2018.

About MARVELL TECHNOLOGY GROUP LTD. (NASDAQ:MRVL)

Marvell Technology Group Ltd. is a fabless semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) and System-in-a-Package (SiP) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), wireless connectivity, Internet-of-Things (IoT) devices and multimedia solutions. Its products serve various applications used in carrier, metropolitan, enterprise and personal computer (PC)-client data communications, and storage systems. In addition, the Company serves the consumer electronics market for the convergence of voice, video and data applications. The Company relies on independent, third-party contractors to perform manufacturing, assembly and test functions. The Company offers its products to sectors, including storage, networking, and mobile and wireless.