Chuck Swoboda, chief executive officer of Cree, issued a statement describing Eric Hunter’s $3 billion suit against Cree and Neal Hunter, Cree’s chairman, as a “sad day.”

“It is a sad day for Cree and the Hunter family,” Swoboda said Friday. “As a result of the unfortunate filing of this complaint, Cree has received calls inquiring whether it is under SEC
investigation. Cree has no knowledge of an SEC investigation of it at this time.”

In the statement, Cree said Hunter, a former CEO of the firm and a co-founder along with his brother Neal of the firm, “has brought general and vague allegations of wrongdoing to the attention of Cree. These allegations were referred to independent directors of Cree who, after investigating the matter, found no wrongdoing on the part of Cree or its officers. No amendments to any of the Company’s filings with the Securities and Exchange Commission were made as a result of any of the allegations made by Eric Hunter.”

The company had issued an earlier statement saying the suit was “without merit” and based on family concerns. In the statement issued by Swoboda, Cree said it would ask a committee of independent directors “to investigate any allegations of wrongdoing and to supervise the handling of the litigation.”