Court Reduces Damages Award Against IXYS Subsidiary.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif. -- IXYS Corporation (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 :SYXI) today announced that the Superior Court of Norfolk County, Massachusetts Norfolk County is a county located in the U.S. state of Massachusetts. As of 2000, the population was 650,308. Its county seat is Dedham6. It is also ranked #28 in the Top 100 list of Highest income counties in the United States with a per capita income of $32,484. ordered that a jury verdict in favor of LoJack Corporation in its breach of contract suit against Clare, Inc., a subsidiary of IXYS, be reduced to $4,000,000. Pre-judgment interest on this verdict is estimated to be $2,113,000. The Court had previously awarded attorneys' fees and costs of about $708,000. The judgment in total is approximately $6,821,000. The total judgment bears interest at 12% per annum Per annum Yearly. , simple interest. Prior to the Court's order, IXYS had estimated its potential liability to be about $43.6 million at March 31, 2006. IXYS is considering appealing the judgment. LoJack may also file an appeal and seek to reinstate the jury's original verdict. IXYS develops and markets primarily high performance power semiconductors and control ICs that are used in controlling and converting electrical power efficiently in power systems for telecommunication infrastructure, motor drives, medical systems and transportation. IXYS also serves emerging markets with digital and analog ICs that control flat panel displays A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time , medical instruments and telecommunication products. Additional information may be obtained by visiting IXYS' website at http://www.ixys.com, or by contacting the company directly. |
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