Skip to content
Subscriber Only

Marvell Stock Plummets After Accounting Firm PwC Resigns

  • PricewaterhouseCoopers told Marvell to broaden audits
  • Outside auditor said company needs to examine tone at top
Updated on

Marvell Technology Group Inc., a chipmaker that disclosed an internal investigation into its accounting last month, plunged to its lowest price in more than two years after saying PricewaterhouseCoopers LLP resigned as its external accounting firm.

The stock plummeted 15 percent to $8.05 at the close Tuesday in New York to its lowest price since January 2013, a day after Marvell disclosed PwC’s decision in a regulatory filing. PwC told the audit committee of its resignation on Oct. 20 and wasn’t asked by the Santa Clara, California-based company to resign, according to the statement released Monday.