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Pixelplus to pay $1M to settle shareholder class suit

Posted: 17 Apr 2008 ?? ?Print Version ?Bookmark and Share

Keywords:class action? settlement agreement? lawsuit?

South Korean fabless IC company Pixelplus Co. Ltd has reached a tentative settlement to resolve the consolidated shareholder class action lawsuit in the U.S. District Court for the Southern District of New York filed in April 2006.

Under the terms of the tentative settlement, Pixelplus continues to dispute the merits of the lawsuit, but has approved a compromise payment of $1 million. The settlement provides a dismissal with prejudice of the lawsuit and full releases for the company and the named officers and directors from all allegations made in the lawsuit. The settlement further provides no presumption or admission of fault, liability or wrongdoing by the Pixelplus or the directors or officers. The compromise payment will be funded by the company's directors and officers liability insurance.

"We are satisfied that is a fair settlement and believe it is in the best interests of Pixelplus and its shareholders, as the settlement will allow us to avoid further prolonged litigation, expense, and distraction. Given this major accomplishment, we are eager to move the company forward and focus all of our energies on executing our strategy of technology innovation and leadership and of returning to profitability to build shareholder confidence and value," said S.K. Lee, founder and CEO of Pixelplus.

The terms of the settlement are subject to preliminary and final court approval and notice to class members. The company expects the court to issue an order granting preliminary approval of the settlement in due course.

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