Milberg LLP Announces the Proposed $13.5 Million Cash Settlement of a Securities Class Action Lawsuit against Magma Design Automation, Inc.

LOS ANGELES -- In the United States District Court for the Northern District of California, San Francisco Division, in In re Magma Design Automation, Inc. Securities Litigation, Case No. C-05-2394 CRB, a summary notice has been issued as follows:

Summary Notice of Proposed Settlement of Class Action and Settlement Hearing

TO: all persons who purchased or otherwise acquired the securities of Magma Design Automation, Inc. during the period between October 23, 2002 through April 12, 2005, inclusive, and who were damaged thereby (the "Class").

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that a settlement for $13.5 million has been proposed in the above-captioned certified class action. A hearing will be held before the Honorable Charles R. Breyer in the United States District Court for the Northern District of California, San Francisco Division, 450 Golden Gate Ave., 19th Floor, Courtroom 8, San Francisco, California 94102, at 10:00 a.m., on November 21, 2008 to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the application of Plaintiffs' Counsel for attorneys' fees and reimbursement of expenses.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Settlement Fairness Hearing and a Proof of Claim form, you may obtain copies of these documents by contacting the Claims Administrator:

In re Magma Design Automation, Inc. Securities Litigation

c/o Gilardi & Co. LLC 

Claims Administrator

Post Office Box 990

Corte Madera, CA 94976-0990

1-877-458-3651

www.gilardi.com

Inquiries, other than requests for the forms of Notice and Proof of Claim, may be made to Plaintiffs' Lead Counsel:

Jeff S. Westerman, Esq.

Milberg LLP 

300 South Grand Avenue, Suite 3900

Los Angeles, CA 90071-3172

[phone]

To participate in the Settlement, you must submit a Proof of Claim no later than December 17, 2008. If you are a Class Member and do not submit a proper Proof of Claim, you will not share in the Settlement but you nevertheless will be bound by the Order and Final Judgment of the Court. Any objections to the Settlement must be filed with the Court and served upon counsel no later than October 27, 2008.

Further information may be obtained by contacting the Claims Administrator.

By Order of the United States District Court for the Northern District of California