Marvell says audit committee finds no accounting fraud

Reuters News
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Posted: Mar 01, 2016 9:06 AM

(Reuters) - Chipmaker Marvell Technology Group Ltd said on Tuesday an independent investigation of its accounting practices found no fraud in the way the company had booked its revenues in the past few quarters.

The investigating committee, however, concluded that Marvell's internal controls were not fully followed and revenue was recognized prematurely for some transactions.

Marvell had been investigating its revenue recognition practices for the first and second quarters of 2016 and the fourth quarter of 2015.

(Reporting by Kshitiz Goliya in Bengaluru; Editing by Saumyadeb Chakrabarty)