News Article

Technology Briefing | Hardware: Semiconductor Maker Settles Claim
Date: Nov 26, 2013
Source: New York Times ( click here to go to the source)

Featured firm in this article: Wolfspeed Inc of Durham, NC

Cree Inc., which makes semiconductors that light cellphones and dashboards, settled a suit brought by its former chief executive, Eric Hunter, and his wife. The settlement ends all litigation with the couple, Eric and Jocelyn Hunter, who had accused Cree of defrauding shareholders and had filed a defamation suit seeking $3.21 billion. The settlement does not require any payments to the couple, and Cree, based in Durham, N.C., said it had accepted Mr. Hunter's resignation. The Hunters filed suit in June against Cree and its chairman, Neal Hunter, Eric Hunter's brother. The Hunter brothers founded Cree in 1987. Shares rose 36 cents to $18.49.