Cypress Semiconductor forced to delay annual meeting by Delaware court

Reuters News
Posted: Jun 01, 2017 5:39 PM

WASHINGTON (Reuters) - A Delaware court ruled on Thursday that Cypress Semiconductor <CY.O> must delay its annual shareholder meeting, ruling in favor of ex-CEO T.J. Rodgers who has waged a board battle against the company he founded.

The Delaware Court of Chancery enjoined the $4.7 billion company's annual meeting until at least June 19, a Rodgers spokesman told Reuters. Rodgers filed a lawsuit in April seeking Cypress' board to make extra and corrected disclosures to its proxy materials in time for the June 8 annual meeting.

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Cypress Semiconductor was not immediately available for comment.

(Reporting by Michael Flaherty; Editing by James Dalgleish)