MILPITAS, Calif., Jan. 18 /PRNewswire-FirstCall/ -- Today, Sipex
Corporation (OTC: SIPX.PK) announced that the United States District Court for
the Northern District of California, San Francisco, preliminarily approved the
settlement of a shareholder class action lawsuit (entitled In re Sipex
Corporation Securities Litigation, Master File No. 05-CV-00392) pending
against Sipex and a former director/officer. The $6 million settlement will
be entirely funded by directors' and officers' insurance policy proceeds.
Terms for distribution of the settlement fund to class members will be
disclosed in a notice to be sent to class members.
A final hearing will be held after delivery of notice to the class
members. At that time, the court will determine whether to grant final
approval of the settlement.
"This is a major accomplishment and allows us to move the company forward
without monetary impact," said Sipex CEO, Ralph Schmitt.
About Sipex
Sipex Corporation is a semiconductor company that designs, manufactures
and markets high performance, value-added analog integrated circuits (IC).
Sipex serves the broad analog signal processing market with interface, power
management and optical storage ICs for use in automotive, portable products,
computing, communications, and networking infrastructure markets. The company
is headquartered in Milpitas, California with additional offices in Belgium,
Canada, China, Germany, Japan and Taiwan. Sipex sells products direct and
through its distribution channels. For more information about Sipex, visit
http://www.sipex.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains certain forward-looking statements that include,
without limitation, statements regarding the shareholder class action and
statements about Sipex's market opportunities and its ability to secure
financing. These forward-looking statements are subject to various risks and
uncertainties that could cause actual results to differ materially, including,
but not limited to the possibility that the settlement of the shareholder
class action will not be finalized or approved by the court, that Sipex will
face additional unforeseen distractions related to the shareholder class
action or that the general economic conditions within the semiconductor design
and manufacturing industry will adversely affect Sipex's market opportunities.
For Further Information Contact:
Ralph Schmitt
Chief Executive Officer and Member of the Board of Directors
Phone: 408-934-7500
Fax: 408-935-7600
SOURCE Sipex Corporation
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Related links:
http://www.sipex.com
Company News On-Call:
http://www.prnewswire.com/comp/111683.html
CONTACT:
Ralph Schmitt, Chief Executive Officer and
Member of the Board of Directors of Sipex Corporation,
+1-408-934-7500, or fax, +1-408-935-7600
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