SANTA CLARA, Calif.,
Jan. 3, 2012 /PRNewswire/ -- Advanced
Analogic Technologies, Inc. ("AnalogicTech" or the "Company")
(Nasdaq: AATI), today announced that the Audit Committee of
AnalogicTech's Board of Directors (the "Audit Committee") has
completed its review of accounting allegations and found no
improper conduct. The allegations were made by Skyworks
Solutions, Inc. ("Skyworks") in connection with an arbitration
proceeding then pending in the Delaware Court of Chancery regarding
AnalogicTech's accounting treatment of certain revenue that the
Company reported for the three months ended June 30, 2011. The arbitration proceeding
was settled and dismissed with prejudice on November 30, 2011 upon mutual request made by
AnalogicTech and Skyworks. The Audit Committee, in consultation
with independent outside legal counsel, has completed an internal
investigation of these allegations, has found no improper conduct
by AnalogicTech's officers, and has concluded that the Company's
accounting practices with respect to revenue recognition for the
three months ended June 30, 2011 were
appropriate in all respects.
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AnalogicTech also announced that, due to the conclusion of the
above-described internal investigation, it anticipates filing its
Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 as soon as practicable.
The Audit Committee had determined it was necessary to delay the
Form 10-Q filing until the above-described internal investigation
was concluded.
Additional Information and Where to Find It
Skyworks has filed a Tender Offer Statement on Schedule
TO, as amended, and AATI has filed a Solicitation/Recommendation
Statement on Schedule 14D-9, as amended, with the Securities and
Exchange Commission ("SEC") in connection with Skyworks' tender
offer for shares of AATI common stock. Security holders are advised
to read the Tender Offer Statement (and the exhibits thereto) and
the Solicitation/Recommendation Statement because they contain
important information. Investors can obtain the Tender Offer
Statement (including exhibits), the Solicitation/Recommendation
Statement and other documents filed by Skyworks and/or AATI for
free at the web site of the SEC at http://www.sec.gov. In addition,
investors and security holders can obtain free copies of the
documents filed by Skyworks with the SEC from Skyworks by
contacting Skyworks' Investor Relations at (949) 231-4700 or by
accessing Skyworks' investor relations website at
http://www.skyworksinc.com, and free copies of the documents filed
by AATI with the SEC from AATI by contacting AATI's Investor
Relations at The Blueshirt Group, Lisa
Laukkanen, at (415) 217-4967 or by accessing AATI's investor
relations website at http://www.analogictech.com.
About Advanced Analogic Technologies, Inc.
Advanced Analogic Technologies Incorporated (AATI), or
AnalogicTech, develops advanced semiconductor system solutions that
play a key role in the continuing evolution of feature-rich, energy
efficient electronic devices. The company focuses on addressing the
application-specific power management needs of consumer devices
such as mobile handsets, digital cameras, tablets, notebooks, TV
and LCD displays as well as devices in a broad range of industrial,
medical and telecom applications. AATI also licenses device,
process, package, and application-related technologies.
Headquartered in Silicon Valley, AATI has design centers in
Santa Clara and Shanghai, and Asia-based operations and logistics. For more
information, please visit www.analogictech.com.
For More Information
Lisa Laukkanen
The Blueshirt Group
415-217-4967
SOURCE Advanced Analogic Technologies, Inc.