NEW YORK, Feb. 24, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential misconduct at Cypress Semiconductor Corporation ("Cypress" or the "Company") (Nasdaq: CY).
The investigation focuses on whether the Company's Board of Directors and/or its officers committed mismanagement and breached their fiduciary duties. On February 21, 2017, T.J. Rodgers ("Rodgers"), former CEO, President and Director of Cypress, filed a Proxy Statement on Schedule 14A with the SEC announcing that he has nominated two candidates to serve on the Company's Board of Directors in the election of directors at the 2017 Annual Meeting of Stockholders (the "Proxy"). In the Proxy, Rodgers set forth the reasoning behind his nominations, and stated that "Cypress Semiconductor faces serious conflicts of interest and ethical deficiencies." Rodgers went on to state "[r]ather than address these, the Cypress Board has chosen to announce what they purport to be changes to strengthen corporate governance but which are in fact simply an attempt to prevent even extraordinarily qualified new directors from joining the Board. I deliberately chose to nominate for the Board two highly qualified industry veterans, because this isn't about T.J. Rodgers but about focusing the attention of all Cypress stockholders on these serious issues. The nominees I've proposed, Dan McCranie and Camillo Martino, both of whom are semiconductor experts, will better serve the Board than conflicted Executive Chairman Ray Bingham and Lead Director Eric Benhamou, who I believe has repeatedly failed to acknowledge or correct the conflicts of interest situation."
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If you currently own Cypress stock and would like to discuss your legal rights, please visit www.faruqilaw.com/CY. You can also contact us by calling Stuart Guber toll free at (215) 277-5770 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Cypress's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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