According to Alliance Semiconductor's SEC 10-Q filing for the quarterly period ended July 1, 2000, in August 2000, the parties settled the litigation and the suit was dismissed.

According to the same filing, in April 1997, the Court dismissed the complaint, with leave to file an amended complaint. In June 1997, plaintiff filed an amended complaint against the Company and certain of its officers and directors alleging violations of Sections 10(b) and 20(a) of the Exchange Act. In July 1997, the Company moved to dismiss the amended complaint. In March 1998, the court ruled in defendants' favor as to all claims but one, and dismissed all but one claim with prejudice. In April 1998, defendants requested reconsideration of the ruling as to the one claim not dismissed. In June 1998, the parties stipulated to dismiss the remaining claim without prejudice, on the condition that in the event the dismissal with prejudice of the other claims is affirmed in its entirety, such remaining claim shall be deemed dismissed with prejudice. In June 1998, the court entered judgment dismissing the case pursuant to the parties' stipulation. Plaintiffs appealed the court's ruling dismissing the claims.

This is a class action on behalf of all persons who purchased the common stock of Alliance Semiconductor Corp. ("Alliance" or the "Company") between July 11, 1995 and December 29, 1995 (the "Class Period"), complaining of a fraudulent scheme and course of business that operated as a fraud or deceit on purchasers of Alliance common stock due to defendants' false and misleading statements about Alliance.