Wall Street does not like hearing that a company needs extra time to get its annual 10-K filing in order for the Securities and Exchange Commission, as Marvell Technologies (MRVL) found out today.
The semiconductor maker announced after the closing bell that it had filed an "NT 10-K" form with the SEC, which indicates it will miss the deadline to file its year-end report. Marvell also said its revenue for the year will be down signficantly, and that it will post a loss due to the settlement of litigation.
Marvell's stock is down 32% over the past 12 months, and has been digned another 2.5% in after-hours trading this evening.
"The Company expects net revenue to be significantly lower for fiscal 2016 than fiscal 2015 primarily as a result of decreased demand for its storage products and restructuring of its mobile platform business," Marvell said in its Thursday filing. "In addition, the Company expects to incur a net loss for fiscal 2016 as a result of charges associated with the Company's settlement of its litigation with Carnegie Mellon University for an aggregate of $750 million as well as restructuring and severance related charges for its mobile platform business of approximately $75 million."
Marvell is now at least the thirtieth company to file a NT 10-K in 2016, based on data compiled by The Wall Street Journal. Marvell attributes its delay largely to a shift in external auditors from PricewaterhouseCoopers to Deloitte & Touche.