© cypress semiconductor Business | April 19, 2017
Cypress resolves lawsuit brought by departed CEO T.J. Rodgers
The Delaware Court of Chancery has determined to allow Mr. Rodgers access to certain books and records of Cypress pursuant to Section 220 of the Delaware General Corporation Law, and has granted Cypress’ request to limit Mr. Rodgers’ use of that information to appropriate purposes.
“In a second attempt to settle this matter, Cypress had already offered to provide all Board minutes and presentations that Mr. Rodgers had requested in his demand, subject to agreeing to maintain the confidentiality of such information. We are pleased that the Delaware court ruled only that, in large part, Mr. Rodgers could have access to what we had already said Cypress was willing to provide and subject to the confidentiality restrictions we had sought. While we disagree with the court’s determination, and many of the court's extraneous comments, we are pleased that it has recognized the overly broad nature of Mr. Rodgers’ demands and has appropriately limited the information to be made available to him and its use." “We do not believe it is in the best interests of Cypress or our stockholders to appeal the court’s decision, and will promptly comply with it by providing the requested documents to Mr. Rodgers. We continue to view his litigation as nothing more than a blatant attempt by Mr. Rodgers, who was forced by the Board of Cypress to resign, to further a proxy campaign motivated by a personal vendetta."
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