ISSI Responds To Filing Of Lawsuit By GSI
MILPITAS, Calif., Oct. 14, 2013 /PRNewswire/ -- Integrated Silicon Solution, Inc. (Nasdaq: ISSI) today responded to the lawsuit filed by GSI Technology, Inc. (GSI) against ISSI and United Memories, Inc. (UMI). The complaint adding ISSI as a defendant was filed on October 3, 2013 in the United States District Court for the Northern District of California. The complaint alleges that ISSI colluded with UMI to engage in various anticompetitive acts aimed at GSI. ISSI intends to vigorously defend itself and believes there is no merit to the claims.
UMI is located in Colorado and provides design services to ISSI. GSI initially filed the lawsuit against UMI alone in May 2013 and alleged that UMI engaged in improper use of alleged GSI proprietary information. The court recently denied GSI's request for a preliminary injunction against UMI and ruled that GSI had not shown a likelihood that the design database in question contained any GSI proprietary information. Thereafter, GSI filed an amended complaint adding ISSI as a defendant alongside UMI. This lawsuit arose after Cisco Systems, Inc. awarded a second-source design for a next generation DRAM chip to ISSI over a competing bid by GSI. According to the Court's ruling denying the request for preliminary injunction, "Cisco informed GSI that it was not selected because GSI lacked experience in DRAM." Furthermore, with regard to UMI's participation in ISSI's winning design bid, the Court's ruling noted that "other factors appear to have weighed into the award of the Atris bid which had more to do with GSI's own shortcomings rather than UMI's participation."
"It is unfortunate that GSI has chosen to pursue baseless legal claims after losing a competitive design bid to ISSI," said Scott Howarth, ISSI's President and CEO. "We believe we successfully secured this design win based on the merits of our own technology, our strength in specialty DRAM, and our continuity of long-term supply. We intend to vigorously defend the company against these allegations, while continuing to work closely with our customer to meet their product needs."
About the Company
ISSI is a fabless semiconductor company that designs and markets high performance integrated circuits for the following key markets: (i) automotive, (ii) communications, (iii) industrial, medical, and military, and (iv) digital consumer. The Company's primary products are high speed and low power SRAM and low and medium density DRAM. The Company also designs and markets NOR flash products and high performance analog and mixed signal integrated circuits. ISSI is headquartered in Silicon Valley with worldwide offices in Taiwan, Japan, Singapore, China, Europe, Hong Kong, India, and Korea. Visit our web site at http://www.issi.com/.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning ISSI's intent to vigorously defend itself, ISSI's belief that there is no merit to the claims, and continuing to work closely with our customer to meet their needs are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include the inherent uncertainties with respect to the cost, timing and outcome of litigation, our ability to meet the product development and product delivery needs of our customer, market acceptance of our products and the other risks contained from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended September 30, 2012 and the Company's Form 10-Q for the quarter ended June 30, 2013. The Company assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise.
SOURCE Integrated Silicon Solution, Inc.