MILPITAS, Calif., April 6 /PRNewswire-FirstCall/ -- Sipex Corporation
(OTC: SIPX.PK) today announced that the United States District Court for
the Northern District of California, San Francisco, 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.
"We are very pleased to put this matter behind the Company with minimal
financial impact," said Sipex CEO Ralph Schmitt. "We continue to improve
our governance and financial systems and controls, and look forward to now
focusing on executing our strategic plans and building value for our
shareholders, customers, and employees."
About Sipex Corporation
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 Sipex's ability to build value for
its shareholders and its ability to improve its governance and financial
systems and controls. 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 Company
is not able to improve its governance and financial systems or build value
for its shareholders.
For additional information, contact:
Ralph Schmitt
CEO and Member of the Board of Directors
Tel: 408-934-7500
Fax: 408-935-7600
Email: RSchmitt@sipex.com
SOURCE Sipex Corporation
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Related links:
http://www.sipex.com
http://www.prnewswire.com/comp/111683.html/
CONTACT:
Ralph Schmitt, CEO and Member of the Board of
Directors of Sipex Corporation, +1-408-934-7500, or fax,
+1-408-935-7600, or RSchmitt@sipex.com
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