Semtech
Corporation (Nasdaq: SMTC), a leading supplier of high performance
analog and mixed-signal semiconductors and advanced algorithms, today
announced the settlement of a lawsuit filed against HiLight
Semiconductor Limited (“HiLight”) and related individual Defendants in
accordance with which Semtech is to be paid approximately $9 million to
cover damages for claims, costs and attorneys’ fees.
In 2016 Semtech’s subsidiaries, EMEA Limited (“Semtech”) and Gennum UK
Ltd., commenced legal proceedings in the English High Court against
HiLight and various former Semtech employees subsequently employed by
HiLight. The individual Defendants in the proceedings at the time of
settlement were:
John Gary Steele
Patrick Richard
Michael Vandenberg
Derek Hutchins
George Brocklehurst
Dominique Coué, and
Robin Commander.
Among various claims, Semtech alleged that Mr. Steele and the other
individual Defendants had (i) breached various non-competition and/or
non-solicitation obligations and induced other individuals to do the
same, and (ii) taken intellectual property and other proprietary
information from Semtech in breach of confidence and used that
confidential information to design competing transimpedence amplifier
(TIA) products for HiLight.
Mohan Maheswaran, Semtech’s President and CEO, commented, “ We are
pleased with the outcome of this lawsuit and are resolute in our belief
that our innovation, intellectual property and trade secrets need to be
vigorously protected across all regions of the world, and we will seek
to defend the company against any unfair practices that we believe hurts
our shareholder value.”
In settlement of the claims, Semtech is to be paid approximately $9
million, of which Semtech already has received approximately $6.7
million.
The prior guidance provided by Semtech Corporation for its second
quarter of fiscal year 2019 did not reflect any impact of this
settlement. Any queries regarding the legal proceeding should be
directed to Semtech’s Executive Vice President and General Counsel,
Charles B. Ammann.
About Semtech
Semtech Corporation is a leading supplier of high performance analog and
mixed-signal semiconductors and advanced algorithms for high-end
consumer, enterprise computing, communications, and industrial
equipment. Products are designed to benefit the engineering community as
well as the global community. The Company is dedicated to reducing the
impact it, and its products, have on the environment. Internal green
programs seek to reduce waste through material and manufacturing
control, use of green technology and designing for resource reduction.
Publicly traded since 1967, Semtech is listed on the Nasdaq Global
Select Market under the symbol SMTC. For more information, visit www.semtech.com.
Semtech and the Semtech logo are registered trademarks of Semtech
Corporation or its affiliates.
SMTC-P
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