Court Reduces Damages Award Against IXYS Subsidiary
26 Juillet 2006 - 2:30PM
Business Wire
IXYS Corporation (NASDAQ:SYXI) today announced that the Superior
Court of Norfolk County, Massachusetts ordered that a jury verdict
in favor of LoJack Corporation in its breach of contract suit
against Clare, Inc., a subsidiary of IXYS, be reduced to
$4,000,000. Pre-judgment interest on this verdict is estimated to
be $2,113,000. The Court had previously awarded attorneys' fees and
costs of about $708,000. The judgment in total is approximately
$6,821,000. The total judgment bears interest at 12% per annum,
simple interest. Prior to the Court's order, IXYS had estimated its
potential liability to be about $43.6 million at March 31, 2006.
IXYS is considering appealing the judgment. LoJack may also file an
appeal and seek to reinstate the jury's original verdict. IXYS
develops and markets primarily high performance power
semiconductors and control ICs that are used in controlling and
converting electrical power efficiently in power systems for
telecommunication infrastructure, motor drives, medical systems and
transportation. IXYS also serves emerging markets with digital and
analog ICs that control flat panel displays, medical instruments
and telecommunication products. Additional information may be
obtained by visiting IXYS' website at http://www.ixys.com, or by
contacting the company directly.
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