Western Digital’s SanDisk Subsidiaries Obtain Court Protection Against Toshiba in Preliminary Injunction Hearing
July 14 2017 - 8:18PM
Business Wire
Western Digital Corp. (NASDAQ: WDC) today announced that the
Court of California for the County of San Francisco (“the Court”)
directed Toshiba Corporation (“Toshiba”) not to transfer its
interests in its three NAND flash-memory joint ventures (“the JVs”)
operated with Western Digital’s SanDisk subsidiaries without
specified advance notice to SanDisk, in order to ensure that the
issue is preserved for arbitration. Today’s hearing was held in
connection with the preliminary injunctive relief proceedings
sought by SanDisk related to Toshiba’s attempts to transfer its JV
interests.
Steve Milligan, chief executive officer of Western Digital,
stated, “We are grateful for today’s directive by the Court, which
is a victory for Western Digital, SanDisk and our stakeholders. Our
entire goal was to preserve and protect our rights through the
binding arbitration process, and that’s precisely what the Court
has done today. This is the second time this week that the Court
has acted to protect SanDisk’s rights and interests against
Toshiba.”
About Western Digital
Western Digital is an industry-leading provider of storage
technologies and solutions that enable people to create, leverage,
experience and preserve data. The company addresses ever-changing
market needs by providing a full portfolio of compelling,
high-quality storage solutions with customer-focused innovation,
high efficiency, flexibility and speed. Our products are marketed
under the HGST, SanDisk and WD brands to OEMs, distributors,
resellers, cloud infrastructure providers and consumers. Financial
and investor information is available on the company's Investor
Relations website at investor.wdc.com.
Forward-Looking Statements
This news release contains certain forward-looking statements,
including statements concerning the JVs, SanDisk’s rights under the
JV agreements, its actions to protect such rights, and ongoing
proceedings with respect to those rights. There are a number of
risks and uncertainties that may cause these forward-looking
statements to be inaccurate including, among others: uncertainties
with respect to the company's business ventures with Toshiba;
volatility in global economic conditions; business conditions and
growth in the storage ecosystem; impact of competitive products and
pricing; market acceptance and cost of commodity materials and
specialized product components; actions by competitors; unexpected
advances in competing technologies; our development and
introduction of products based on new technologies and expansion
into new data storage markets; risks associated with acquisitions,
mergers and joint ventures; difficulties or delays in
manufacturing; and other risks and uncertainties listed in the
company's filings with the Securities and Exchange Commission (the
"SEC"), including the company's Form 10-Q filed with the SEC on May
8, 2017, to which your attention is directed. You should not place
undue reliance on these forward-looking statements, which speak
only as of the date hereof, and the company undertakes no
obligation to update these forward-looking statements to reflect
subsequent events or circumstances.
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version on businesswire.com: http://www.businesswire.com/news/home/20170714005647/en/
United StatesMedia Contact:Jim
Pascoe408-717-6999jim.pascoe@wdc.comorInvestor Contact:Bob
Blair949-672-7834robert.blair@wdc.comorJoele Frank, Wilkinson
Brimmer KatcherEric Brielmann / Jed Repko / Ed Trissel415-869-3950
/ 212-355-4449wdcmedia@joelefrank.comorJapanMedia Contacts:Emi
Hatano090-5765-9730emi.hatano@sandisk.comorAshton ConsultingJohn
Sunley / Brendan Jennings03 5425-7220 / 090-7416-0180 / 050
7576-6190WDC_JapanPR@ashton.jp
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