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Case Status:    DISMISSED    
On or around 11/09/2005 (Date of order of final judgment)

Filing Date: February 07, 2003

According to a press release dated October 10, 2005, TriQuint Semiconductor, Inc. today reported that the United States District Court for the Middle District of Florida dismissed with prejudice the class action complaint filed against Sawtek, Inc., a wholly-owned subsidiary of TriQuint since 2001, and former officers of Sawtek.

As previously disclosed by Triquint Semiconductor, Inc.’s FORM 10-Q For the Quarterly Period Ended June 30, 2005, the cases were consolidated into one action, and an amended complaint was filed in this action on July 21, 2003. Sawtek and the individual defendants filed their motion to dismiss on September 3, 2003, and briefing on the motion was completed on November 19, 2003. The court heard oral argument on November 21, 2003, and issued an order partially denying the motion to dismiss on December 19, 2003. Specifically, the court found that the complaint was not barred by the statute of limitations, but reserved ruling on the other aspects of the motion to dismiss. Because the statute of limitations issue is a novel question of law, the court stayed the proceedings in this case to allow the defendants to file an interlocutory appeal to the Eleventh Circuit Court of Appeals. The defendants duly filed for interlocutory appeal on January 22, 2004. Because the Court of Appeals has been considering the identical issue in another matter, the appeal process has been stayed, pending the Court of Appeals’ decision in the other matter. On June 1, 2005, the Eleventh Circuit issued a memorandum decision in the unrelated case that raised the similar statute of limitations issue. The Court of Appeals held that factual issues were raised, which precluded resolution of the statute of limitations issues at this time. The Court of Appeals remanded that case to the lower court for the purpose of making factual findings. The Sawtek appeal process with respect to the statute of limitations remains stayed pending remand of this unrelated case. On June 3, 2005, the defendants requested the United States District Court to lift its stay of the proceedings in the Sawtek case, and to proceed to rule on the remaining issues raised in the motion to dismiss the complaint. The District Court has allowed the parties to file supplemental briefing on or before August 19, 2005, and scheduled a hearing for August 25, 2005 to hear re-argument on the balance of the motion to dismiss the complaint.

The complaint originated from several nearly identical putative civil class action lawsuits filed in the United States District Court for the Middle District of Florida against Sawtek and former officers of Sawtek. The cases were consolidated into one action, and an amended complaint was filed in the consolidated action on July 21, 2003. The Company filed a motion to dismiss on September 3, 2003, and the complaint was dismissed with prejudice on October 6, 2005.

The original complaint charges Sawtek, Inc. and Sawtek's CEO, CFO and a former CEO with violations of section 10(b) and 20(a) of the Securities Exchange Act of 1934 and S.E.C. Rule 10b-5. The complaint alleges that during the Class Period defendants misrepresented Sawtek's financial performance by engaging in ‘channel stuffing’ - a method for improperly inflating revenue by shipping more products than distributors can sell - and using the inflated revenue numbers to disseminate false and misleading statements concerning the Company's financial performance.

The complaint further alleges that during the Class Period defendants misled investors about Sawtek's business prospects despite a widespread downturn in the telecommunications industry. Sawtek's actual financial performance was revealed when defendants acknowledged that the company's quarterly results would fall well below its previously issued revenue guidance, causing Sawtek's stock price to plunge more than 17% the next day.

COMPANY INFORMATION:

Sector: Technology
Industry: Electronic Instruments & Controls
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SAWS
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: M.D. Florida
DOCKET #: 03-CV-204
JUDGE: Hon. Elizabeth A. Kovachevich
DATE FILED: 02/07/2003
CLASS PERIOD START: 01/27/2000
CLASS PERIOD END: 05/24/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  2. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  3. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  4. Chitwood & Harley LLP
    1230 Peachtree Street, N.E., 2300 Promenade II, Chitwood & Harley LLP, GA 30309
    888.873.3999 404.873.4476 · info@chitwoodlaw.com
  5. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  6. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  7. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  8. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  9. Vianale & Vianale LLP (former Boca Raton)
    The Plaza - Suite 801, 5355 Town Center Road., Vianale & Vianale LLP (former Boca Raton), FL 33486
    561.391.4900 561.368.9274 · info@vianalelaw.com
  10. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: M.D. Florida
DOCKET #: 03-CV-294
JUDGE: Hon. Elizabeth A. Kovachevich
DATE FILED: 07/21/2003
CLASS PERIOD START: 01/27/2000
CLASS PERIOD END: 05/24/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barker, Rodems & Cook, PA (former)
    300 W Platt St, Suite 150, Barker, Rodems & Cook, PA (former), FL 33606
    813.489.1001 813.489.1008 · info@barkerrodemsandcook.com
  2. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  4. Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL)
    One Boca Place. 2255 Glades Road, Suite 421A, Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL), FL 33431
    561.750.3000 561.750.3364 ·
  5. Chitwood & Harley LLP
    1230 Peachtree Street, N.E., 2300 Promenade II, Chitwood & Harley LLP, GA 30309
    888.873.3999 404.873.4476 · info@chitwoodlaw.com
  6. Curtis V. Trinko LLP
    16 West 46th Street 7th Floor, Curtis V. Trinko LLP, NY 10036
    212.490.9550 212.986.0158 · ctrinko@trinko.com
  7. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  8. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  9. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton)
    197 South Federal Highway, Suite 200, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton), FL 33432
    561.750.3000 56.750.3364 · info@lerachlaw.com
  10. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  11. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  12. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  13. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  14. Vianale & Vianale LLP (former Boca Raton)
    The Plaza - Suite 801, 5355 Town Center Road., Vianale & Vianale LLP (former Boca Raton), FL 33486
    561.391.4900 561.368.9274 · info@vianalelaw.com
  15. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
No Document Title Filing Date