Marvell Technology Drops on Internal Probe, Unexpected Loss
- Chipmaker focuses on whether management set `appropriate tone'
- `We consider the stock to be unownable,' analyst says
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Marvell Technology Group Ltd. plunged the sharpest in almost 13 years, after disclosing an internal investigation of its accounting and reporting weakening demand for personal computer parts.
The chipmaker’s shares dropped 16 percent to close at $8.84 in New York on Friday, the biggest single-day decline since October 2002. The stock has tumbled 39 percent this year.