Activist hedge fund Starboard Value has taken a 6.7 percent stake in Marvell Technology Group Ltd., according to a regulatory filing, in a bet that it can boost value at the beleaguered chipmaker.
The move comes as Marvell faces an internal investigation of its accounting practices and a stock that’s tumbled sharply over the past year. Much of the decline came after the company disclosed the review in September while also reporting fiscal second-quarter results that missed analysts’ estimates. In October, PricewaterhouseCoopers LLP resigned as its external accounting firm and in December, Marvell reported preliminary third-quarter results that also fell short of estimates.
