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Marvell Co-Founders' Suit Against Goldman Sachs

Marvell Co-Founders' Suit Against Goldman Sachs

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Published by DealBook
Marvell Technology co-founders' lawsuit against Goldman Sachs.
Marvell Technology co-founders' lawsuit against Goldman Sachs.

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Published by: DealBook on Apr 11, 2011
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01/09/2013

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72. A clear example of Goldman’s conflicting interests is while Goldman was

managing Plaintiffs’ assets, including Plaintiffs’ positions in NVIDIA, Goldman was managing

its own stakes in NVIDIA.

73. On March 31, 2008, Goldman’s position in NVIDIA consisted of 9,168,023

shares (including both shares held outright and “call” options). Over the next quarter, at the very

time Goldman was urging Plaintiffs to purchase more NVIDIA shares, Goldman actually

decreased its own holdings of NVIDIA. On June 30, 2008, Goldman held 3,785,424 shares and

call options – a nearly 60% decrease in a single quarter.

74. On September 30, 2008, Goldman’s position in NVIDIA consisted of 3,162,225

shares (including both shares held outright and “call” options). Over the next quarter, at the very

time that Goldman was forcing Plaintiffs to sell their NVIDIA shares at a massive loss, Goldman

actually increased its own holdings of NVIDIA. On December 31, 2008, Goldman held

4,894,166 shares and call options – a nearly 55% increase in a single quarter.

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COMPLAINT
CASE NO.

75. Plaintiffs were not informed by DeFoor, Brandt, or anyone from Goldman that

Goldman was increasing its holdings in NVIDIA shares while simultaneously forcing Plaintiffs

to sell their NVIDIA shares at a loss. Indeed, no one from Goldman ever disclosed to Plaintiffs

it was trading in NVIDIA at all.

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