Marvell Tech Shares Drop After PwC Resigns As Accountant

Marvell Technology Group Inc. shares dropped in the extended session Monday after the chip maker's accounting firm resigned. Marvell shares fell 7.9% to $8.70. In a filing with the Securities and Exchange Commission Monday, Marvell said PricewaterhouseCoopers had resigned as the company's accounting firm on Oct. 20. Marvell said that while PwC did not issue an "adverse opinion" for audits of the past two fiscal years, the accounting firm advised the company to expand the scope of its 2016 audit to examine the flow of information from senior management, controls over cash reserves, and whether the company had adequate staff for financial reporting.

Copyright © 2015 MarketWatch, Inc.