ATI Announces Settlement of Shareholder Class Action Litigation.Business Editors MARKHAM, Ontario--(BUSINESS WIRE)--Feb. 7, 2003 ATI Technologies Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ATYT ATYT ATI Technologies, Inc (stock symbol) )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :ATY) today announced that it has reached an agreement for the full and complete settlement of all remaining claims alleged in the shareholder class action lawsuits filed in May 2001 in the United States District Court for the Eastern District of Pennsylvania The United States District Court for the Eastern District of Pennsylvania is one of the original 13 federal judiciary districts created by the Judiciary Act of 1789. It originally sat in Independence Hall in Philadelphia as the United States District Court for the District of . This litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. relates to alleged misrepresentations and omissions made by the company and certain directors and officers during a period preceding its May 2000 earnings warning. In July 2002, the Court dismissed all claims in the litigation except as to the alleged misrepresentations and omissions concerning: (a) ATI's RAGE 4\RAGE 128 and RAGE 5\RAGE 128 PRO products; and (b) inventory. A Stipulation and Agreement of Settlement has been executed and filed with the court. "ATI has settled this matter to avoid further protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. litigation, expense and distraction. We are pleased to have settled this matter quickly and favorably," said Terry Nickerson, Senior Vice President, Finance and Chief Financial Officer. "We remain focused on executing our strategy of technology leadership and product innovation to build shareholder value." The terms of the Stipulation and Agreement of Settlement, which are subject to final court approval and notice to class members, include no admission of liability or wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do by the company or other defendants. The Court will hold a fairness hearing on April 25, 2003 to consider objections, if any, and to determine whether it will approve the settlement. Under the terms of the settlement, the defendants have agreed to pay $8 million (U.S.) to resolve all claims. A portion of this amount is expected to be paid by ATI's insurer. ATI will take a special charge for the net amount in its second quarter. About ATI Technologies ATI Technologies Inc. is a world leader in the design and manufacture of innovative 3D graphics and digital media silicon solutions. An industry pioneer since 1985, ATI is the world's foremost visual processor unit (VPU) provider and is dedicated to deliver leading-edge performance solutions for the full range of PC and Mac desktop and notebook platforms, workstation, set-top and digital television, game console and handheld markets. With 2002 revenues in excess of US $1 billion, ATI has more than 1,900 employees in the Americas, Europe and Asia. ATI common shares trade on NASDAQ (ATYT) and the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (ATY). Copyright 2003 ATI Technologies Inc. All rights reserved. ATI and ATI product and product feature names are trademarks and/or registered trademarks of ATI Technologies Inc. All other company and product names are trademarks and/or registered trademarks of their respective owners. Features, pricing, availability and specifications are subject to change without notice. |
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