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DSP Communications, Inc. Conclusion: On April 9, 1999, U.S. District Judge Fern M. Smith granted both plaintiffs’ motion for final approval of the settlement and motion for approval of the plan of allocation. Attorneys’ fees and reimbursement expenses, with interest, were awarded and paid to Plaintiffs' Settlement Counsel from the Settlement Fund. According to the Form 10-Q For the Quarterly Period Ended March 31, 1999, under the terms of the agreement, the claims were settled for $3,000,000.
The complaint charges DSPC and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Prior to and during the Class Period, the Company portrayed itself as the largest independent vendor of baseband chipsets to OEMs in the Japanese digital cellular telephone market. The complaint alleges that the defendants learned that order rates for its B-series chipsets had materially declined and DSPC's backlog of orders had shrunk by $10 million and that the declining order rate was largely due to the decision of the Company's OEM customers to redesign their current models of PDC phones which would require development and delivery of DSPC's next generation "D-series" PDC chipsets. This was a devastating development to DSPC because as the complaint alleges, the defendants knew that DSPC would not, given design and development delays and foundry ramp-up lead times, deliver commercial quantities of its new D-series chipsets until after the end of second quarter 1997 (June 30, 1997).
INDUSTRY CLASSIFICATION:
SIC Code: 3663
Sector: Services
Industry: Broadcasting & Cable TV
| COMPANY/ISSUER NAME: | DSP Communications, Inc. |
| COMPANY/ISSUER TICKER: | DSP |
| COMPANY WEBSITE: | http://www.dspc.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Mishelow, et al. v. DSP Communications, Inc., et al. | |||||||||||||||||
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| OTHER DOCUMENTS | |||
| Complaint for Damages Based Upon Violation of Cal. Corp. Code §§25400 and 25500 | |||
| Case Name and/or Number: Perl, et al. v. DSP Communications, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/12/1997 | ||
| Complaint for Damages Based Upon Violation of Cal. Corp. Code §§25400 and 25500 | |||
| Case Name and/or Number: Perl, et al. v. DSP Communications, Inc., et al. | |||
| Type: Other | Date on the document: 05/12/1997 | ||
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