Court Rules Against Cypress Board Again And Orders Delay Of AGM

(RTTNews) - Camillo Martino and Daniel McCranie, nominees for election to the Cypress Semiconductor Corp. (CY) Board of Directors, and T.J. Rodgers, founder and former CEO of Cypress and the Company's largest individual stockholder, announced that the Delaware Court of Chancery has again ruled in favor of Rodgers and against the Cypress Board.

The Court has directed the Cypress Board to make further disclosures to stockholders regarding Cypress executive chairman Ray Bingham's conflicts of interest arising from his simultaneous employment as a Founding Partner of Canyon Bridge, a Chinese government-funded private equity firm that seeks to acquire U.S. semiconductor companies in direct competition with Cypress's M&A activity.

The Court ordered the delay of the Cypress Annual Meeting of Stockholders, previously scheduled for June 8th, until at least June 19th to allow stockholders time to consider the Second Proxy Supplement mailed late to stockholders by the Cypress Board. In addition, the Court ordered the Cypress Board to disclose further information regarding Bingham's conflicts of interest.