Tripath Announces Agreement to Settle Federal Securities Class Action Litigation

SAN JOSE, Calif.—(BUSINESS WIRE)—July 12, 2005— Tripath Technology Inc. (Nasdaq: TRPH) today announced that it has entered into a Stipulation and Agreement of Settlement (the "Stipulation") to settle the securities class action litigation entitled In re Tripath Technology Inc. Securities Litigation, Master File No. C 04 4681 SBA, pending in the United States District Court for the Northern District of California (the "Court") against Tripath and certain of its current and former officers and/or directors (the "Class Action"). The settlement class consists of all persons who purchased the securities of Tripath between January 29, 2004 and June 13, 2005, inclusive. As part of the Stipulation, Tripath and the other defendants continue to deny any liability or wrongdoing.

Under the terms of the Stipulation, the parties agreed that the Class Action will be dismissed in exchange for a payment of $200,000 in cash by Tripath and the issuance of 2.45 million shares of Tripath common stock which shall be exempt from registration pursuant to Section 3(a)(10) of the Securities Act of 1933. The Stipulation remains subject to the satisfaction of various conditions, including without limitation (1) final approval of the Stipulation by the Court, including a finding that the 2.45 million shares of Tripath common stock to be issued are exempt from registration pursuant to Section 3(a)(1) of the Securities Act of 1933 and (2) notification to members of the settlement class in the Class Action.

Terms for distribution of the settlement funds to class members after final Court approval of the Stipulation, and other terms of settlement, will be disclosed in a notice to be sent to class members after preliminary court approval of the Stipulation.

"This settlement puts the federal securities litigation behind Tripath and will permit us to better focus on running the business and Tripath's future," said Jeffrey L. Garon, Tripath's Vice President of Finance and Chief Financial Officer.

About Tripath

Based in San Jose, Calif., Tripath Technology Inc. is a fabless semiconductor company that focuses on providing highly efficient power amplification to the TV, Home Theater, Automotive and Consumer & PC Convergence markets. Tripath owns the patented technology called Digital Power Processing (DPP(R)), which leverages modern advances in digital signal processing and power processing. Tripath markets audio amplifiers with DPP(R) under the brand name Class-T(R). Tripath's current customers include, but are not limited to, companies such as Alcatel, Alpine, Hitachi, JVC, Samsung, Sanyo, Sharp, Sony and Toshiba. For more information on Tripath please visit Tripath's web site at www.tripath.com.



Contact:
Tripath Technology Inc.
Jeffrey L. Garon, 408-750-6801



Review Article Be the first to review this article

ALDEC:

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Reverie: All That Glitters is not Past
More Editorial  
Jobs
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
Technical Support Engineer for EDA Careers at Freemont, CA
Digital and FPGA Hardware Designer for Giga-tronics Incorporated at San Ramon, CA
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
Technical Marketing Manager Valley for EDA Careers at San Jose, CA
Senior Physical Design Engineer for Ambiq Micro at Austin, TX
Upcoming Events
European 3D Summit 2017 at 3, parvis Louis Néel 38054 Grenoble France - Jan 23 - 25, 2017
3D Printing Electronics Conference at High Tech Campus 1, 5656 Eindhoven Eindhoven Netherlands - Jan 24, 2017
DesignCon 2017 at Santa Clara Convention Center Santa Clara CA - Jan 31 - 2, 2017
Embedded Neural Network Summit at San Jose CA - Feb 1, 2017



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy