Law suits triggered by Cree co-founder and former CEO Eric Hunter finally have come to a close against Cree after a battle lasting more than two years.
Cree (Nasdaq: Cree), a developer of light emitting diode and other chip technology, said a series of class action suits filed against the firm in 2003 had been dismissed by the US District Court for the Middle District of North Carolina.
The consolidated class-actions suits were dismissed “in its entirety with prejudice”, Cree said in a statement on Wednesday.
“We are very pleased that Cree has been vindicated by the Court, as we have maintained all along that these allegations were without merit,” said Chuck Swoboda, Cree’s chairman and CEO, in a statement.
The suit filed by Hunter was settled last November.