NP Obtains $72 Million Settlement for Marvell Investors in Backdating Scheme

NP served as Co-Counsel for Lead Plaintiffs Monte Paschi Asset Management S.G.R. S.p.A. and Puerto Rico Government Employees Retirement System in this securities fraud case, which arose out of a six-year, pervasive fraudulent scheme to backdate stock options that resulted in the restatement of all of Marvell’s financial statements from 2003 until the first quarter of fiscal year 2007.

This case settled for $72 million and was granted final approval by the United States District Court for the Northern District of California on November 13, 2009.

NP partners Jeffrey Angelovich, Brad Beckworth, and Susan Whatley led the prosecution of this case.

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