Pixelplus Announces Preliminary Approval of Settlement of Shareholder Class Action Lawsuit
November 20 2008 - 8:00AM
PR Newswire (US)
SEOUL, South Korea, Nov. 20 /PRNewswire-FirstCall/ -- Pixelplus
Co., Ltd. (NASDAQ:PXPL), a fabless semiconductor company in Korea
that designs, develops, and markets CMOS image sensors for consumer
electronics applications, today announced that the United States
District Court for the Southern District of New York granted
preliminary approval of the settlement of the previously-disclosed
consolidated shareholder class action lawsuit commenced against the
Company and certain of its current and former officers and
directors in April 2006. The settlement is subject to final court
approval. Notice of the settlement will be sent to class members,
and the court hearing for final approval has been scheduled for
March 19, 2009. If approved by the court, all claims against the
Company and its current and former officers and directors will be
dismissed with prejudice and without any admission of liability or
wrongdoing. The Company and the other defendants have steadfastly
maintained that the claims asserted in the class action lawsuit
were without merit, and have vigorously contested those claims. As
part of the settlement, the Company and other defendants continue
to deny any liability or wrongdoing. "We have agreed to resolve
this lawsuit, so that Pixelplus may put this longstanding matter
behind it and direct the Company's energies and resources on its
business objectives," said Shane Y. Hong, Pixelplus' General
Counsel. About Pixelplus Co., Ltd. Pixelplus is a South Korea-based
developer of high-performance, high-resolution, and cost-effective
CMOS image sensors for use primarily in mobile camera phones. In
addition to mobile phones, Pixelplus provides CMOS image sensors
and SoC solutions for use in webcams and notebook embedded cameras,
toys and games, and security and surveillance system applications.
As a fabless semiconductor company, Pixelplus is focused on
creating proprietary design technologies to develop CMOS image
sensors with sharp, colorful and enhanced image quality, size
efficiency, and low power consumption. Forward Looking Statement
This press release contains certain statements that are not
historical in nature but are "forward-looking statements" within
the meaning of the "safe-harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally can be identified by the use of
forward-looking terminology, such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe," "project," or
"continue" or the negative of such words or other similar words.
Pixelplus cautions readers that forward-looking statements are
based on the Company's current expectations, estimates, and
assumptions about our company and our industry, and are subject to
a number of risks and uncertainties, including, but not limited to,
securing preliminary and/or final court approval of the tentative
settlement. Actual results may differ materially from those
contained in such forward-looking statements. Investors are
directed to Pixelplus' reports and documents filed from time to
time with the U.S. Securities and Exchange Commission for a
description of various factors that should be considered before
investing in Pixelplus' securities. These factors may cause
Pixelplus' results to differ materially from the forward-looking
statements made in this release. The forward-looking statements
speak only as of the date of this press release and Pixelplus
assumes no duty or obligation to update them to reflect new,
changing, or unanticipated events or circumstances. Contact: Shane
Y. Hong Pixelplus Co., Ltd. 6th Floor, Gyeonggi R&DB Center
906-5 Iui-dong, Yeongtong-gu Suwon-si, Gyeonggi-do, 443-766
Republic of Korea +82-31-888-5300 OR Taylor Rafferty: London -
Emilia Whitbread at +44 (0) 20 7614 2900 New York - Jessica
McCormick at +1 212 889 4350 Tokyo - Jiro Kawakami at +81 (0) 3
3221 9513 E-mail DATASOURCE: Pixelplus Co., Ltd. CONTACT: Shane Y.
Hong, Pixelplus Co., Ltd., +82-31-888-5300; Taylor Rafferty: London
- Emilia Whitbread, +44-(0)-20-7614-2900, New York - Jessica
McCormick, +1-212-889-4350, Tokyo - Jiro Kawakami,
+81-(0)-3-3221-9513, , all for Pixelplus Co., Ltd.
Copyright
Pixelplus CO Ltd (MM) (NASDAQ:PXPL)
Historical Stock Chart
From Jul 2024 to Aug 2024
Pixelplus CO Ltd (MM) (NASDAQ:PXPL)
Historical Stock Chart
From Aug 2023 to Aug 2024