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Skyworks Solutions Announces Filing of Arbitration Petition Against Advanced Analogic Technologies

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On September 26, 2011, Skyworks Solutions, Inc., a Delaware corporation (NASDAQ: SWKS), filed an arbitration petition against Advanced Analogic Technologies Incorporated (NASDAQ: AATI) in the Delaware Court of Chancery in accordance with the provisions of the Merger Agreement dated as of May 26, 2011 between Skyworks and AATI, asserting claims against AATI for breach of the Merger Agreement and claims based on misrepresentations by AATI to Skyworks dating from before the signing of the Merger Agreement to the present, and seeking an order (i) declaring that Skyworks is relieved of its obligations under the Merger Agreement, (ii) declaring that Skyworks is entitled to terminate the Merger Agreement, and (iii) in the alternative, awarding damages in an amount to be proven at final hearing.

In accordance with Delaware law, the petition has been filed under seal and all proceedings will be confidential, subject to the parties' disclosure obligations under federal securities law and other applicable laws. Subject to such obligations, Skyworks does not intend to comment or provide information regarding the arbitration until an order on the merits or other material order is issued in the arbitration or the arbitration process is otherwise concluded.

Posted-In: News Legal

 

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