Cypress Drops Trade Secret Lawsuit Against Maxim Integrated Products | Cypress Semiconductor
Cypress Drops Trade Secret Lawsuit Against Maxim Integrated Products
Suit Dropped Without Prejudice; Can Be Filed Again
SAN JOSE, Calif., January 13, 2012 – Cypress Semiconductor Corp. (Nasdaq: CY) today announced that it has dropped its trade secret lawsuit against Maxim Integrated Products. The lawsuit charged Maxim with trying to gain access to Cypress’s touchscreen intellectual property by unfairly targeting key Cypress employees. Cypress dropped the lawsuit “without prejudice,” so it can be filed again in the future if necessary.
“We are well aware that our people are our greatest asset,” said T.J. Rodgers, President and CEO of Cypress. “We will not tolerate unfair attempts to lure our employees away in order to gain access to our trade secrets. In this case, Maxim has been unsuccessful, both in hiring our people and in making inroads in the touchscreen market, allowing us to drop the suit. However, we will file again if we perceive more unfair efforts to hire away our employees.”
Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value. Cypress offerings include the flagship PSoC® programmable system-on-chip families and derivatives such as CapSense® touch sensing and TrueTouch® solutions for touchscreens. Cypress is the world leader in USB controllers, including the high-performance West Bridge® solution that enhances connectivity and performance in multimedia handsets. Cypress is also a leader in high-performance memories and programmable timing devices. Cypress serves numerous markets including consumer, mobile handsets, computation, data communications, automotive, industrial and military. Cypress trades on the NASDAQ Global Select Market under the ticker symbol CY. Visit Cypress online at www.cypress.com.
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