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Cirrus Logic Settles Shareholder Lawsuits

December 11, 1996|Times Staff and Wire Reports

Cirrus Logic Inc. said it agreed to settle all shareholder lawsuits involving allegations that it overstated demand for its products and misrepresented earnings projections. Company spokesman Tom Rigoli declined to disclose the settlement amount, saying it won't have a material effect on earnings. "We still feel the suits are without merit," Rigoli said. The Fremont-based maker of computer chips said the settlement, which requires court approval, will be paid by the company and the former and current officers' liability insurance companies. The class-action suits, filed in 1993 and 1995, alleged that the officers and directors breached their fiduciary duties to the company. Cirrus shares fell $1.125 to close at $19.25 on Nasdaq.

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