Semtech and Spark Connected Announce Settlement of Litigation

Rhea-AI Summary

Semtech Corporation (NASDAQ: SMTC) and Spark Connected, LLC have settled their two-year legal dispute in the United States District Court for the Eastern District of Texas. Both companies have denied any liability in the settlement, which is confidential. Semtech’s Executive VP emphasized the company's commitment to defending its intellectual property rights, while Spark's CEO expressed satisfaction with the resolution and looks forward to future innovations in wireless power solutions. The agreement ends all disputes between the two parties.

Positive

• Settlement resolves a two-year legal dispute, allowing both companies to move forward without liability.
• Semtech's commitment to protecting its intellectual property may enhance its market position.
• Collaboration potential with Spark Connected could lead to innovative wireless solutions.

Negative

• None.

CAMARILLO, Calif.--(BUSINESS WIRE)-- Semtech Corporation (Nasdaq: SMTC) and Spark Connected, LLC announced today that they have resolved their dispute pending in the United States District Court for the Eastern District of Texas, Case No. 4:18-cv-00748.

Semtech’s Executive Vice President, Chief Legal Officer and Chief ESG Officer, Charles Ammann stated: “We are pleased with the outcome of this settlement. As it did in this lawsuit, Semtech is committed to taking steps to vigorously protect its intellectual property rights and confidential information and to enforce its confidentiality agreements and other contractual commitments.”

Spark’s Chief Executive Officer, Ken Moore, stated: “After two years of litigation, we are pleased with the outcome of this settlement and the resolution of all disputes. Spark looks forward to continuing to develop and design novel and unique wireless power solutions for its customers.” The parties’ agreement successfully resolves the litigation between them, in which both parties denied any liability. Due to confidentiality, details of the settlement are not disclosed.

About Semtech

Semtech Corporation is a leading global supplier of high performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the NASDAQ Global Select Market under the symbol SMTC. For more information, visit www.semtech.com.

About Spark

Spark Connected | powering the world, wirelessly. Spark Connected is a global leader specializing in multiple advanced and safe wireless power technologies that benefits a wide variety of applications in the Automotive, Industrial, Infrastructure, Medical, Telecom and Security, Robotics, Factory Automation, IOT, Smart Home, and Consumer markets. Spark is transforming wireless power delivery and intelligent battery charging with innovative platforms, disruptive technology and breakthrough products enabling an enhanced user experience for all. The company specializes in Product Development and Engineering Solutions with a team of passionate innovators with decades of combined deep domain expertise. Spark Connected is a Full Member of the Wireless Power Consortium. For more information, visit www.sparkconnected.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20211203005014/en/

Linh Dinh

Semtech Corporation

(805) 250-1263

ldinh@semtech.com

Marina Wolf

Spark Connected LLC

(972) 855-8026

sales@sparkconnected.com

Source: Semtech Corporation

FAQ

What was the recent legal dispute involving Semtech Corporation (SMTC)?

Semtech Corporation and Spark Connected settled a two-year legal dispute in the U.S. District Court for the Eastern District of Texas.

What was the outcome of the Semtech and Spark Connected litigation?

Both companies settled the litigation, denying any liability, which allows them to move forward.

What does the settlement mean for Semtech's investors?

The settlement may positively impact Semtech's market position by mitigating ongoing litigation risks.

Are the details of the Semtech and Spark settlement disclosed?

No, the details of the settlement are confidential and not disclosed to the public.