Cadence Design Systems, Inc. ("Cadence" or the Company) in an American multinational company that designs and develops software, hardware, and IP for electronic design.

The original Complaint alleges that on October 15, 2008, the Company announced the departures of its Chief Executive Officer and four other senior executives. In response to this surprise announcement, the price of the Company’s common stock dropped approximately 15%. Merely a week later, on October 22, 2008, Defendants stunned investors by acknowledging that the Company was reviewing the recognition of revenue related to customer contracts signed in the first quarter of 2008 and that it expected to restate its financial statements not only for that quarter, but also the first half of 2008. As a result of these disclosures, the Company’s stock price dropped another 25%, as the artificial inflation caused by Defendants' false and misleading statements came out of the stock price.

On March 4, 2009, Judge Samuel Conti granted the Plaintiff’s motion to consolidate three related actions and further granted the motion to appoint the Alaska Electrical Pension Fund as lead Plaintiff and approved lead Plaintiff’s selection of Coughlin Stoia Geller Rudman & Robbins LLP as lead Counsel. On April 25, 2009, the lead Plaintiff filed a Consolidated Complaint. On June 8, 2009, the Defendants filed a motion to dismiss the Consolidated Complaint.

On September 11, 2009, Judge Samuel Conti granted the Defendants’ motion to dismiss. According to the Order, because Plaintiffs have failed to allege facts that give rise to a strong inference that Defendants intentionally falsified Cadence's financial data, the Consolidated Amended Complaint is hereby dismissed without prejudice. Plaintiffs may file a Second Amendment Complaint within thirty (30) days of this Order.

On October 14, 2009, the Plaintiff filed a First Amended Complaint, and on November 20, 2009, the Defendants responded by filing a motion to dismiss the First Amended Complaint. On March 2, 2010, the Defendants' motion was denied. On May 6, 2010, one of the Defendants filed a motion for partial summary judgment and judgment on the pleadings.

According to the Company's FORM 10-K for the fiscal year ended January 1, 2011, on July 7, 2010, the parties agreed, and the District Court ordered, that the litigation be stayed in order to facilitate mediation. On February 11, 2011, the parties to the litigation agreed to settle the litigation for consideration of $38.0 million, of which approximately $22.2 million will be paid by Cadence’s insurers, while the balance will be paid by Cadence. Cadence agreed to this settlement without admitting any wrongdoing on the part of the Company or any of its current or former directors and executive officers, and the settlement was subject to completion of final settlement documentation by the parties and approval by the District Court.

The parties entered into a Stipulation of Settlement on May 31, 2011. This settlement was preliminarily approved on June 15. On April 23, 2012, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.