AMD Reaches Tentative Agreement to Settle Class Action Securities Suit.SUNNYVALE, Calif.--(BUSINESS WIRE)--April 23, 1998--AMD (NYSE NYSE See: New York Stock Exchange :AMD (Advanced Micro Devices, Inc., Sunnyvale, CA, www.amd.com) A major manufacturer of semiconductor devices including x86-compatible CPUs, embedded processors, flash memories, programmable logic devices and networking chips. )(PSE PSE 1. pale soft exudative pork. 2. portosystemic encephalopathy. :AMD) today announced that it has reached an agreement in principle to settle the class action securities lawsuit currently pending against the company and certain of its current and former officers and directors. The agreement to settle is subject to the approval of AMD's board of directors and confirmation by the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. . The suit was filed in November 1995 and related to the company's AMD-K5(tm) microprocessor development project. If approved, the cost of the settlement to the company would be $11,500,000. The company is adjusting its previously disclosed first quarter of 1998 results to reflect the settlement. This adjustment, net of tax, increases the quarterly loss by $0.05 per share to $62,727,000. About AMD AMD is a global supplier of integrated circuits for the personal and networked computer and communications markets. AMD produces processors, flash memories, programmable logic devices, and products for communications and networking applications. Founded in 1969 and based in Sunnyvale, California, AMD had revenues of $2.4 billion in 1997. (NYSE:AMD) WORLD WIDE WEB: Press announcements and other information about AMD are available on the Internet via the World Wide Web AMD-K5 is a registered trademark of Advanced Micro Devices, Inc. AMD, the AMD logo and combinations thereof are registered trademarks of Advanced Micro Devices, Inc. CONTACT: AMD Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Scott Allen, 408/749-3311 |
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