Tessera Technologies Streamlines Executive Team
July 23 2013 - 4:05PM
Business Wire
Tessera Technologies, Inc. (NASDAQ:TSRA) ("Tessera" or the
"Company") today announced the streamlining of certain functions
within the Company and the Tessera Intellectual Property Corp.
subsidiary. As a result, Bernard J. “Barney” Cassidy’s tenure with
the Company ended on July 23, 2013. Effective immediately, all
functional areas of Tessera Intellectual Property Corp. are
reporting to Thomas Lacey, the Company’s interim chief executive
officer. Also effective immediately, Paul E. Davis has been
promoted to the Company’s general counsel and corporate
secretary.
“We took this action today as part of our overall Company
efforts to flatten our organizational structure and improve the
efficiencies of our intellectual property business and executive
team,” said Lacey. “On behalf of the Company, I wish to thank
Barney for his many valuable contributions, including leading a
very capable, professional and accomplished team.”
Davis, age 38, joined Tessera in August 2011 as its associate
general counsel. Prior to Tessera, he was an attorney at Skadden,
Arps, Slate, Meagher & Flom LLP.
Safe Harbor Statement
This press release contains forward-looking statements, which
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve risks and uncertainties that could cause actual
results to differ significantly from those projected, particularly
with respect to the impact of the executive change. Material
factors that may cause results to differ from the statements made
include the plans or operations relating to the Company’s
businesses; market or industry conditions; changes in patent laws,
regulation or enforcement, or other factors that might affect the
Company’s ability to protect or realize the value of its
intellectual property; the expiration of license agreements and the
cessation of related royalty income; the failure, inability or
refusal of licensees to pay royalties; initiation, delays, setbacks
or losses relating to the Company’s intellectual property or
intellectual property litigations, or invalidation or limitation of
key patents; the timing and results, which are not predictable and
may vary in any individual proceeding, of any ICC ruling or award,
including in the Amkor arbitration; fluctuations in operating
results due to the timing of new license agreements and royalties,
or due to legal costs; the risk of a decline in demand for
semiconductor and camera module products; failure by the industry
to use technologies covered by the Company’s patents; the
expiration of the Company’s patents; the Company’s ability to
successfully complete and integrate acquisitions of businesses; the
risk of loss of, or decreases in production orders from, customers
of acquired businesses; financial and regulatory risks associated
with the international nature of the Company’s businesses; failure
of the Company’s products to achieve technological feasibility or
profitability; failure to successfully commercialize the Company’s
products; changes in demand for the products of the Company’s
customers; limited opportunities to license technologies and sell
products due to high concentration in the markets for
semiconductors and related products and camera modules; the impact
of competing technologies on the demand for the Company’s
technologies and products; and the reliance on a limited number of
suppliers for the components used in the manufacture of DOC
products. You are cautioned not to place undue reliance on the
forward-looking statements, which speak only as of the date of this
release. The Company’s filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended Dec. 31, 2012, and its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2013, include more information about
factors that could affect the Company’s financial results. The
Company assumes no obligation to update information contained in
this press release. Although this release may remain available on
the Company’s website or elsewhere, its continued availability does
not indicate that the Company is reaffirming or confirming any of
the information contained herein.
About Tessera Technologies
Tessera Technologies, Inc. is a holding company with operating
subsidiaries in two segments: Intellectual Property and
DigitalOptics. Our Intellectual Property segment, managed by
Tessera Intellectual Property Corp., generates revenue from
manufacturers and other implementers that use our technology. Our
DigitalOptics business delivers innovation in imaging systems for
smartphones. For more information call 1.408.321.6000 or visit
www.tessera.com.
Tessera, the Tessera logo, DOC, the DOC logo, and Invensas
Corporation are trademarks or registered trademarks of affiliated
companies of Tessera Technologies, Inc. in the United States and
other countries. All other company, brand and product names may be
trademarks or registered trademarks of their respective
companies.
TSRA-G
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