U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 9, 1996
California Micro Devices Corporation
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(Exact name of registrant as specified in its charter)
California 33-399-77 94-2672609
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State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
215 Topaz Street, Milpitas, CA 95035-5430
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (408)263-3214
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On May 9, 1996, the Company reported the release of certain
information regarding a court hearing relating to the pending class
actions securities lawsuits previously filed against it.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: May 16, 1996 CALIFORNIA MICRO DEVICES CORPORATION
By:
/s/John E. Trewin
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John E. Trewin
Vice President and Chief Financial Officer
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NEWS RELEASE
California Micro Devices
Contacts: Scott Hover-Smoot, General Counsel
(408) 934-3182
Roberta Silverstein, Press and Media
(408) 934-3141
Jeffrey C. Kalb, President and CEO
(408) 934-3106
For Release
COURT HEARING HELD IN SECURITIES CLASS ACTIONS
AGAINST CALIFORNIA MICRO DEVICES CORPORATION
Milpitas, CA, May 9, 1996 -- California Micro Devices Corporation
(NASDAQ NMS: CAMD) (CMD), headquartered here, reported the results of
a recent court hearing in the pending securities class actions filed
against the Company beginning in August 1994.
At the recent case management conference, held on May 2, 1996 before
U.S. District Judge Vaughn R. Walker in San Francisco, the District
Court granted the parties' joint request for a settlement conference
before U.S. District Judge Eugene F. Lynch, to be held within the
next 45 days. The District Court also set dates for further
proceedings in the case, and indicated that it will hold another case
management conference on August 9, 1996. The District Court has not
yet certified a class or set a trial date for the consolidated
actions.
Prior to this on February 2, 1996, the District Court had declined to
approve California Micro Devices' tentative settlement of the
actions; denied the request of the law firm of Lieff, Cabraser,
Heimann & Bernstein to be appointed class counsel; and certified the
Colorado Public Employees' Retirement Association ("ColPERA"), a
former shareholder of the Company, as class representative. In
addition, the California State Teachers' Retirement System
("CalSTRS") has filed a motion for leave to intervene in the action
as a plaintiff and a proposed additional class representative.
Other than CMD, the parties named as defendants in the actions
include Coopers & Lybrand, L.L.P., CMD's former independent auditors,
and a number of the Company's former officers including Chan M.
Desaigoudar, the Company's former Chairman and Chief Executive
Officer. On April 10, 1996, CMD filed a cross-claim against Coopers
& Lybrand for contribution under the federal securities law,
professional negligence, negligent misrepresentation and breach of
contract. As previously reported, the Company has also filed suit
against Mr. Desaigoudar for breach of fiduciary duty. That action is
pending in the Santa Clara County Superior Court.
As previously reported, following the filing of the original actions,
CMD's Board of Directors formed a Special Committee to conduct an
internal investigation, terminated the employment of nearly all of
the Company's senior officers, and retained new management. The
Company is continuing to cooperate fully with ongoing investigations
by the U.S. Securities and Exchange Commission and other federal
agencies.
California Micro Devices is a designer, manufacturer and marketer of
integrated passive and active electronic components. CMD'S silicon-
based, thin film products are smaller, faster and integrate well into
the major electronic industry trends toward smaller, portable
equipment, higher frequencies and greater functionality.
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