Atmel Wins Legal Victory Over Ex-CEOAtmel Wins Legal Victory Over Ex-CEO
Atmel Corp. said that the Court of Chancery of the State of Delaware has ruled in favor of the company in the litigation brought by George and Gust Perlegos challenging their termination.
February 9, 2007
SAN JOSE, Calif. — Atmel Corp. said that the Court of Chancery of the State of Delaware has ruled in favor of the company in the litigation brought by George and Gust Perlegos challenging their termination. The court affirmed that George and Gust Perlegos were properly terminated and stated that "the Perlegoses have not demonstrated any right to hold any office of Atmel."
As previously announced on Aug. 7, George and Gust Perlegos were terminated as president and chief executive and executive vice president, office of the president, respectively, following an independent investigation into allegations regarding the misuse of corporate travel funds. The court also ruled that the special meeting of stockholders requested by George Perlegos should be held. Atmel will be conferring with Perlegos regarding the timing and implementation of that portion of the order. As reported, Atmel recently disclosed that it fired George Perlegos, its president and chief executive, and three others over alleged misuse of corporate travel funds. At the time, Atmel named Steven Laub, currently a director, as the company's president and CEO. The CEO filed suit against the chip maker over his termination and he was mulling a plan to take over the firm.
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