Former Cypress CEO Sues Company Over Conflicts, Disclosures
The founder and former chief executive of Cypress Semiconductor Corp. is suing the company's board of directors for allegedly misleading investors ahead of a shareholder meeting.
April 25, 2017 at 07:39 PM
3 minute read
The founder and former chief executive of Cypress Semiconductor Corp. is suing the company's board of directors for allegedly misleading investors ahead of a shareholder meeting.
In a complaint filed Monday in the Delaware Court of Chancery, T.J. Rodgers accused directors at the prominent semiconductor manufacturing firm of failing to address an executive chairman's conflicts of interest and casting an earlier book-and-records suit as a “personal vendetta” in its proxy statements.
The suit also asks Chancellor Andre G. Bouchard to halt an election of directors at an upcoming annual meeting of shareholders until the board makes correct alleged falsehoods and issues additional disclosures of the vote.
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