Facts

Plaintiffs filed a securities class action on behalf of purchasers of shares of the publicly traded common stock of defendant Advanced Micro Devices Inc., a multinational semiconductor company. Defendant had earnings derived from the sale of computer microprocessors, chipsets, and embedded processors. Defendant also earned profits from the sale of multimedia products, including video and graphics. Defendant's launch of a microprocessor formed the basis of this action.

PLAINTIFFS' CONTENTIONS: Plaintiff claimed defendants made materially false and misleading statements and omissions regarding the success of its Llano APU computer processor. When some disclosures were made regarding the microprocessor's production and supply, and its impact on financial results, the stock price fell, and members of the class were damaged.

DEFENDANTS' CONTENTIONS: Defendants denied the plaintiffs' allegations and asserted affirmative defenses.

Result

A settlement was reached at mediation. Defendants agreed to a cash fund totaling $29,500,000 in exchange for a release of all claims.