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AMD Reaches Tentative Agreement to Settleclass Action Securities Suit
AMD Reaches Tentative Agreement to Settleclass Action Securities Suit
SUNNYVALE, CA -- April 23, 1998 --AMD today announced that it has reached an agreement in principle to settle the class action securities lawsuit currently pending against the company and certain of its current and former officers and directors. The agreement to settle is subject to the approval of AMD's board of directors and confirmation by the United States District Court in San Jose, California. The suit was filed in November 1995 and related to the company's AMD-K5 microprocessor development project. If approved, the cost of the settlement to the company would be $11,500,000. The company is adjusting its previously disclosed first quarter of 1998 results to reflect the settlement. This adjustment, net of tax, increases the quarterly loss by $0.05 per share to $62,727,000.
About AMD
AMD is a global supplier of integrated circuits for the personal and networked computer and communications markets. AMD produces processors, flash memories, programmable logic devices, and products for communications and networking applications. Founded in 1969 and based in Sunnyvale, California, AMD had revenues of $2.4 billion in 1997. (NYSE: AMD) |
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