CHANDLER, Ariz., March 29, 2020 /PRNewswire-PRWeb/
-- (NASDAQ: MCHP) – Microchip Technology Inc. (MCHP) is happy
to report that it has reached an amicable settlement with
plaintiffs James Peterson,
Paul Pickle, Rick Goerner and Phil
Sansone in the Peterson et al. v. Sanghi et al. lawsuit. The
terms of the settlement are confidential.
The statements at the heart of the defamation lawsuit were borne
out of a difference of opinion over competing business
philosophies. The parties recognize that there is no one right or
wrong way to operate a semiconductor company, and reasonable minds
may differ as to the best ways to serve end markets. Even though
Microchip made public statements to the effect that the former
management of Microsemi had not acted fraudulently or illegally, we
understand that the statements defendants made following the
acquisition could have been taken by some as casting plaintiffs in
a negative light.
The statements at issue in the lawsuit were not intended to
accuse the plaintiffs of committing any fraud or engaging in any
other form of misconduct in their management of Microsemi
Corporation or their conduct in connection with Microchip's
acquisition of Microsemi.
From the time Microchip announced the acquisition of Microsemi,
it has remained enthusiastic about the past, present, and future
contributions to Microchip from this profitable and diversified
company.
Microchip is happy to put the lawsuit behind it and wishes
Plaintiffs all the best in their future endeavors.
The Microchip name and logo are registered trademarks of
Microchip Technology Incorporated in the USA and other countries. All other trademarks
mentioned herein are the property of their respective
companies.
SOURCE Microchip Technology