Power Integrations Announces Settlement of Litigation with Silanna Semiconductor
Power Integrations (Nasdaq: POWI) announced a settlement of its legal disputes with Silanna Semiconductor and former employees. The settlement involves an unspecified cash payment from Silanna to Power Integrations, termination of the former employees, and a commitment to uphold Power Integrations' employment agreements. VP Clifford Walker emphasized the company's commitment to protecting its intellectual property and enforcing these agreements to safeguard trade secrets.
- Settlement with Silanna Semiconductor may strengthen protections for intellectual property.
- Termination of former employees indicates proactive management of employment agreements.
- The cash amount received from Silanna was not disclosed, making the financial impact unclear.
Power Integrations (Nasdaq: POWI), the leader in high-voltage integrated circuits for energy-efficient power conversion, today announced a comprehensive settlement of its legal disputes with Silanna Semiconductor, a U.S. company, and several former Philippines-based employees of Power Integrations (PI). PI had filed lawsuits against Silanna and the former employees alleging the knowing breach of PI’s employment agreements with the employees, and interference by Silanna. Under the terms of the settlement, Silanna has made an unspecified cash payment to Power Integrations, agreed to terminate the former PI employees, and committed to honoring PI’s employment agreements in the future.
Power Integrations vice president Clifford Walker commented: “We are committed to protecting our hard-earned intellectual property. We are gratified that we have successfully resolved these lawsuits, and we will continue to insist that competitors respect our employment agreements, which are designed to safeguard our intellectual property, including trade secrets.”
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power-conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.
Power Integrations and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are property of their respective owners.
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