MANHASSET, N.Y. Analog IC supplier Sipex Corp. has announced that the Superior Court of the State of California approved the settlement of a shareholder suit against the company’s current and former directors and officers.
Under the $6 million settlement, Sipex will adopt certain corporate governance measures and pay the attorney's fees for the plaintiffs. The settlement will be entirely funded by directors' and officers' insurance policy proceeds.
Sipex (Milpitas, Calif.) recently completed $7 million in private loan financing.
Last year, Sipex came under investigation by the
Securities and Exchange Commission for its financial reporting problems during 2003 and 2004, causing the company to delay filing its financial results.