Cirrus Logic and Western Digital Settle Litigation.Business Editors/High-Tech Writers AUSTIN, Texas--(BUSINESS WIRE)--Aug. 25, 2003 Cirrus Logic Inc. (Nasdaq:CRUS crus (krus) pl. cru´ra [L.] 1. leg (1). 2. a leglike part. crus ce´rebri ) today announced that it has settled all outstanding 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. with Western Digital Corporation and its Malaysian subsidiary, Western Digital (M) SDN SDN Sun Developer Network (Sun Microsystems) SDN SAP Developer Network SDN SOF (Special Operations Forces) Deployable Node SDN Sociale Databank Nederland (Dutch) .BHD BHD In currencies, this is the abbreviation for the Bahraini Dinar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. . Under the terms of the settlement agreement, Western Digital has agreed to pay Cirrus Logic $45 million on or before Oct. 17, 2003, which is in the company's fiscal 2004 third quarter. The settlement will result in a one-time benefit to the company's net income when the cash is received. On July 5, 2001, Western Digital and its subsidiary filed a lawsuit against Cirrus Logic in the Superior Court of the State of California, Orange County, in connection with the purchase of read-channel chips from Cirrus Logic, claiming breach of contract and breach of the duties of good faith and fair dealing. On Aug. 20, 2001, Cirrus Logic filed a cross-complaint alleging breach of contract, fraud and negligent misrepresentation misrepresentation In law, any false or misleading expression of fact, usually with the intent to deceive or defraud. It most commonly occurs in insurance and real-estate contracts. False advertising may also constitute misrepresentation. . On Dec. 24, 2001, the trial court granted Cirrus Logic's application for writs of attachment against Western Digital and its subsidiary in the amount of approximately $25 million. Western Digital delivered a letter of credit in the amount of approximately $25 million in substitution for the writ of attachment writ of attachment n. a court order directing a sheriff (or other law enforcement officer) to seize property of a defendant which would satisfy a judgment against that defendant. (See: attachment) . This letter of credit will be released following payment of the $45 million to Cirrus Logic. "We are pleased that the two parties were able to reach this settlement. The cash settlement further enhances our debt-free balance sheet, will enable us to focus on growing our business and eliminate certain legal expenses we have been incurring to pursue this dispute," said David D. French, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cirrus Logic. Cirrus Logic reported total cash of $115.5 million at June 28, 2003. Upcoming Investor Conferences Cirrus Logic management will be presenting at the SG Cowen Fall Technology Conference in Boston on Sept. 3 at 3:00 p.m. Eastern Time and the Kaufman Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . 6th Annual Communications, Media & Technology Conference in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on Sept. 4 at 4:30 p.m. Eastern Time. Those wishing to listen to management's presentation can hear a live and/or an archived webcast via the company's Web site. Cirrus Logic Inc. Cirrus Logic is a premier supplier of high-performance analog, mixed-signal and digital processing solutions for consumer entertainment electronics, automotive entertainment and industrial product applications. Building on its global market leadership in audio ICs and its rich mixed-signal patent portfolio, Cirrus Logic targets audio, video and precision mixed-signal applications in these growing markets. The company operates from headquarters in Austin, Texas, with offices in California, Colorado, Europe, Japan and Asia. For more information visit www.cirrus.com. Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc. All other product names noted herein may be trademarks of their respective holders. |
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