SAN JOSE, Calif., Feb. 8 /PRNewswire-FirstCall/ -- Atmel(R) Corporation , a global leader in the development and fabrication of advanced semiconductor solutions, today announced that the Court of Chancery of the State of Delaware has ruled in favor of the Company in the litigation brought by Messrs. George and Gust Perlegos challenging their termination.
In its order issued today, the Court affirmed that Messrs. George and Gust Perlegos were properly terminated and stated that "the Perlegoses have not demonstrated any right to hold any office of Atmel."
As previously announced on August 7, 2006, Messrs. George and Gust Perlegos were terminated as President and Chief Executive Officer and Executive Vice President, Office of the President, respectively, following an independent investigation into allegations regarding the misuse of corporate travel funds.
Steven Laub, Atmel's President and Chief Executive Officer, said, "We are gratified that the Court has upheld the unanimous decision of Atmel's independent directors. We have made significant progress in repositioning Atmel for growth and look forward to moving ahead with our business plan to create further value for our stockholders."
The Court also ruled that the special meeting of stockholders requested by George Perlegos should be held. Atmel will be conferring with Mr. Perlegos regarding the timing and implementation of that portion of the order.
About Atmel
Atmel is a worldwide leader in the design and manufacture of microcontrollers, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel is able to provide the electronics industry with complete system solutions. Focused on consumer, industrial, security, communications, computing and automotive markets, Atmel ICs can be found Everywhere You Are(R).
Contacts
Robert Pursel
Director of Investor Relations
408-487-2677
Barrett Golden / Mike Cuneo
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
