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Cirrus Discloses Settlement Amount

December 13, 1996|Times Staff and Wire Reports

Fremont-based Cirrus Logic Inc. said its settlement of several shareholders lawsuits will cost $31.3 million, of which the company will pay $2.3 million. The company said its insurance will cover the remainder. Cirrus announced this week that it had settled several class-action suits alleging that the computer chip maker overstated demand for its products and misrepresented earnings projections. The settlement requires court approval. Cirrus shares fell $1 to close at $19.375 on Nasdaq.

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