GSI Technology (GSIT) Updates on Litigation with Cypress Semi (CY)
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GSI Technology, Inc. (Nasdaq: GSIT) announced today that on Friday, July 6, the United States District Court for the Northern District of California in San Jose issued a decision upholding the sufficiency of the antitrust claims asserted by GSI in its Complaint against Cypress Semiconductor Corporation (Nasdaq: CY). The Complaint, filed on July 22, 2011, charges Cypress with conducting an unlawful combination and conspiracy, by and through the QDR Consortium, to exclude GSI and other competitors from the market for high-performance static random access memory (SRAM) devices known as fast synchronous Quad Data Rate (or QDR) SRAMs and Double Data Rate (or DDR) SRAMs.
Cypress had moved to dismiss the Complaint arguing that the claims asserted by GSI failed to state a claim under federal or state antitrust laws. In its decision, the Court rejected virtually all of Cypress’ arguments. The Court held that GSI’s Complaint adequately alleges that the anti-competitive, collusive and conspiratorial conduct of Cypress and certain co-conspirators violates Section 1 of the Sherman Act and also constitutes unlawful restraints of trade and unfair competition under applicable provisions of California law. The Complaint seeks treble damages, in an amount to be determined at trial, a preliminary and permanent injunction prohibiting the continuation of the unfair and illegal business practices and recovery of GSI’s attorneys’ fees and costs. The decision in GSI’s favor will allow GSI to pursue pre-trial discovery on all of the claims alleged.
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Cypress had moved to dismiss the Complaint arguing that the claims asserted by GSI failed to state a claim under federal or state antitrust laws. In its decision, the Court rejected virtually all of Cypress’ arguments. The Court held that GSI’s Complaint adequately alleges that the anti-competitive, collusive and conspiratorial conduct of Cypress and certain co-conspirators violates Section 1 of the Sherman Act and also constitutes unlawful restraints of trade and unfair competition under applicable provisions of California law. The Complaint seeks treble damages, in an amount to be determined at trial, a preliminary and permanent injunction prohibiting the continuation of the unfair and illegal business practices and recovery of GSI’s attorneys’ fees and costs. The decision in GSI’s favor will allow GSI to pursue pre-trial discovery on all of the claims alleged.
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