Avanti CEO sounds like Hitler right before the bunker blew up.
Avant! Intends to Prevail in Court;Unproven Allegations Made 18 Months Ago Rehashed in Indictment
FREMONT, Calif., Dec. 16 /PRNewswire/ -- The Avant! Corporation
(Nasdaq: AVNT) was notified today that the Santa Clara County Criminal Grand
Jury returned an indictment charging the Avant! Corporation and eight
individuals with offenses stemming from the allegations in its longstanding
intellectual property dispute with Cadence Design Systems (NYSE: CDN). This
indictment is based on the same allegations made by Cadence three years ago
and the Santa Clara County District Attorney 18 months ago.
"The indictment is only an unproven charge that changes nothing about the
facts of this case," said David Stanley, Avant!'s General Counsel. "This case
continues to be about a business dispute that has been elevated into a
criminal matter by a competitor who is being beaten fair and square in the
marketplace by superior Avant! technology. We are determined to defend the
reputation of our company and our employees. We remain confident Avant! will
prevail in the courtroom once all the facts are presented."
"Avant!'s fundamental strength in the marketplace will not be affected by
today's expected events," said Avant! President and CEO Gerald C. Hsu.
"Avant! is in the same position today as Avant! was in yesterday: Our
technologically superior products and customer-focused service continue to
surpass the competition. And the rehashed allegations against Avant! are the
ones raised three years ago by our main competitor, Cadence. We will continue
to prevail in the market, and we expect vindication when the facts are heard
in a court of law."
An indictment is only a charge that brings a case to trial. It is not a
determination of guilt. The indictment alleges conspiracy to commit trade
secret theft, conspiracy to commit securities fraud, theft of trade secrets,
inducing trade secret theft and committing a fraudulent practice in connection
with the offer or sale of a security. The Avant! employees named in the
indictment are Gerald C. Hsu, chairman, president and CEO, Stephen Wuu, Y.Z.
Liao, and Eric Cheng. Avant! categorically denies each and every one of these
charges.
Avant! (pronounced ah VAHN tee) Corporation develops, markets, and
supports integrated circuit design automation (ICDA) software for the
simulation, layout, verification, and analysis of deep submicron ICs including
microprocessors, microcontrollers, application-specific standard products
(ASSPs) and complex application-specific integrated circuits (ASICs) with
sales offices worldwide. The company is headquartered in Fremont, California,
with sales offices located worldwide. Telephone: +1 510 413-8000. Fax:
+1 510-413-8080. Worldwide Web: avanticorp.com.
The statements contained herein that are not purely historical are forward
looking statements within the meaning of Section 21E of the Securities and
Exchange Act of 1934, including statements regarding the Company's
expectations, beliefs, hopes, intentions or strategies regarding the future.
Forward looking statements include statements regarding the outcome of any
civil or criminal proceedings. All forward looking statements included in
this document are based upon information available to the Company as of the
date hereof, and the Company assumes no obligation to update any such forward
looking statement. Actual results could differ materially from the Company's
current expectations. Factors that could cause or contribute to such
differences include, but are not limited to, the risks discussed in the
Company's form S-3 filed with the Securities and Exchange commission and
declared effective on January 13,1998, and the Company's form 10-K filed on
March 31, 1998 and the Company's 10-Q filed on November16, 1998.
SOURCE Avant! Corporation
CO: Avant! Corporation; Cadence Design Systems; Santa Clara County Criminal
Grand Jury
ST: California
IN: CPR
SU: LAW
12/17/98 05:00 EST prnewswire.com
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