SUNNYVALE, CA — (Marketwired) — 12/01/15 — (NASDAQ: GSIT), today announced that, following a trial in San Jose, California, a jury awarded GSI damages of $932,000 against United Memories, Inc. (“UMI”). The jury found in favor of co-defendant, Integrated Silicon Solutions, Inc. (“ISSI”).
The lawsuit, which was filed in the U.S. District Court for the Northern District of California, involved an agreement under which UMI provided design services to GSI in connection with the development of an advanced semiconductor product. After that relationship ended, UMI assisted ISSI, a GSI competitor, with the design of a similar product. The jury found that UMI breached provisions of its agreement with GSI and misappropriated certain GSI trade secrets, but declined to find in favor in GSI on its claims against ISSI, including trade secret misappropriation and unfair competition. The UMI agreement provides that the prevailing party in a dispute related to the agreement is entitled to recover its reasonable attorneys– fees and costs, and GSI intends to pursue recovery of these expenses from UMI.
“We are, of course, pleased that the jury confirmed that UMI misappropriated GSI trade secrets and breached its contract with us,” said Lee-Lean Shu, Chairman and Chief Executive Officer of GSI Technology. “We believe the evidence supported significantly greater damages than the jury awarded, however. We are also disappointed that the jury did not find in our favor on our claims against ISSI. We are currently reviewing our options for post-trial motions and appeal.”
Founded in 1995, GSI Technology, Inc. is a provider of high performance semiconductor memory solutions to networking, industrial, medical, aerospace and military customers. The company is headquartered in Sunnyvale, California and has sales offices in the Americas, Europe and Asia. For more information, please visit .
GSI Technology, Inc.
Douglas M. Schirle
Chief Financial Officer
408-331-9802
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