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AMD Reaches Securities Lawsuit Settlement

April 24, 1998|Reuters

Computer chip maker Advanced Micro Devices Inc. said it has agreed to settle a class-action securities lawsuit against it and some current and former officers and directors for $11.5 million. The agreement is subject to board approval and confirmation by the U.S. District Court in San Jose. The lawsuit, filed in November 1995, accused the Sunnyvale-based company of making false or misleading statements about development of its AMD-K5 microprocessor. AMD is adjusting its first-quarter results to reflect the settlement, which increases its quarterly loss by 5 cents a share to $62.7 million. Earlier this month, AMD reported a loss of $55.8 million, or 39 cents a share, contrasted with a profit of $12.9 million, or 9 cents, in the year-ago quarter. AMD shares rose 75 cents to close at $29.31 on the New York Stock Exchange.

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