IQE PLC IQE plc: Filing of lawsuit to protect IQE's IP (7104S)

TIDMIQE

RNS Number : 7104S

IQE PLC

18 July 2022

IQE plc

Cardiff, UK

18 July 2022

Filing of lawsuit to protect IQE's Intellectual Property

   -     Litigation brought against Tower Semiconductor

- Significant evidence suggests misappropriation of IQE's trade secrets relating to its ground-breaking "porous silicon" technology

IQE plc (AIM: IQE, "IQE" or the "Group"), the leading supplier of compound semiconductor wafer products and advanced material solutions to the global semiconductor industry, announces that it has filed a lawsuit against Tower Semiconductor ("Tower").

IQE has significant evidence that Tower misappropriated IQE's trade secrets to unlawfully obtain patents on IQE's technology. These claims relate to IQE's proprietary porous silicon technology which would underpin devices used in 5G and advanced sensing applications.

IQE filed its complaint in the U.S. Federal Court in California (case number 8:22-cv-00867) under Federal and California state law in relation to the misappropriation of trade secrets, correction of inventorship, breach of contract, unfair competition, and intentional interference with prospective economic advantage.

Tom Dale, General Counsel & Company Secretary at IQE, commented:

"We brought about these claims as we have significant reason to believe that Tower has misappropriated IQE's proprietary trade secrets for its own benefit. Our technology, processes and intellectual property are vital in underpinning IQE's products and solutions and in maintaining our market-leading position in advanced semiconductor materials. We will vigorously protect them and will provide further updates as material developments occur."

Contacts:

IQE plc

+44 (0) 29 2083 9400

Americo Lemos

Tim Pullen

Amy Barlow

Peel Hunt LLP (Nomad and Joint Broker)

+44 (0) 20 7418 8900

Edward Knight

Paul Gillam

James Smith

Citigroup Global Markets Limited (Joint Broker)

+44 (0) 20 7986 4000

Christopher Wren

Peter Catterall

Headland Consultancy (Financial PR)

+ 44 (0) 20 38054822

Andy Rivett-Carnac: +44 (0) 7968 997 365

Antonia Pollock: +44 (0) 7789 954 356

ABOUT IQE

http://iqep.com

IQE is the leading global supplier of advanced compound semiconductor wafers and materials solutions that enable a diverse range of applications across:

   --    handset devices 
   --    global telecoms infrastructure 
   --    connected devices 
   --    3D Sensing

As a scaled global epitaxy wafer manufacturer, IQE is uniquely positioned in this market which has high barriers to entry. IQE supplies the whole market and is agnostic to the winners and losers at chip and OEM level. By leveraging the Group's intellectual property portfolio including know-how and patents, it produces epitaxy wafers of superior quality, yield and unit economics.

IQE is headquartered in Cardiff UK, with c. 685 employees across nine manufacturing locations in the UK, US, Taiwan and Singapore, and is listed on the AIM Stock Exchange in London.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCSFUFMIEESESW

(END) Dow Jones Newswires

July 18, 2022 02:00 ET (06:00 GMT)

Iqe (LSE:IQE)
Historical Stock Chart
From Mar 2024 to Apr 2024