SAN FRANCISCO—Cypress Semiconductor Corp. said Friday (Jan. 13) it dropped a trade secret lawsuit against Maxim Integrated Products Inc.
The suit had charged Maxim with trying to gain access to Cypress's touchscreen intellectual property by targeting key Cypress employees. Cypress said it dropped the lawsuit "without prejudice" so it could be filed again if necessary.
Cypress (San Jose, Calif.) said it dropped the suit because Maxim was unsuccessful in hiring Cypress employees and making inroads into the touchscreen market.
"We will not tolerate unfair attempts to lure our employees away in order to gain access to our trade secrets," said T.J. Rodgers, Cypress president and CEO, in a statement.
Maxim (Sunnyvale, Calif.) did not immediately respond to a request for comment on the Cypress announcement.