Shares of Marvell Technologies Group Ltd. fell 5% late Thursday as the company said it expects its fiscal 2016 net revenue to be “significantly” lower on less demand for its storage products and the restructuring of its mobile platform busness, according to a filing. The company also said it expects a net loss for fiscal 2016 due to charges linked to the company’s settlement of its litigation with Carnegie Mellon University for $750 million, as well as charges related to the restructuring and severance packages for the mobile platform business, to the tune of about $75 million. The company said it is unable to file its annual report on time and is working to complete it “as soon as practicable.” Shares of Marvell had ended the day down 0.1%.
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