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Cadence Design Systems, Inc.
Settlement with Defendants in Cadence Design Systems, Inc. Securities Litigation
The parties have reached a settlement of this action, pending in the United States District Court for the Northern District of California, which provides for the payment of $38,000,000 for the benefit of eligible Class Members. Plaintiff alleged that Defendants violated the federal securities laws by engaging in a scheme to manage revenue and earnings, and to misrepresent and conceal Cadence’s true financial and business conditions during the period between April 23, 2008 and December 10, 2008, inclusive. The proposed settlement was preliminarily approved by the Court on November 15, 2011.
The Court has scheduled a final approval hearing for February 24, 2012, at 10:00 a.m. If you are a Class Member and wish to receive a payment from the settlement proceeds, you are required to submit a claim form by no later than March 1, 2012 in order to participate in the settlement. The claim form can be obtained by clicking on the Proof of Claim and Release link below. If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.