[CREE] News!!!! Cree says class-action lawsuit dismissed
Wed Aug 3, 2005 05:00 PM ET
SAN FRANCISCO, Aug 3 (Reuters) - Cree Inc. (CREE.O: Quote, Profile, Research) , which makes light-emitting microchips, said on Wednesday that a class action complaint against it had been dismissed by a U.S. District Court.
The U.S. District Court for the Middle District of North Carolina dismissed the lawsuit "in its entirety with prejudice," Cree said in a statement.
"The lawsuit alleged that the defendants engaged in fraudulent business transactions designed to artificially increase Cree's stock price," a company spokesman said.
"We are very pleased that Cree has been vindicated by the court, as we have maintained all along that these allegations were without merit," Chuck Swoboda, Cree's chief executive said in a statement. |
