NVE Announces Dismissal of Shareholder
Class Action
EDEN PRAIRIE, Minn.July 5, 2007NVE Corporation (Nasdaq: NVEC) today
announced that the United States District Court for the District of Minnesota
has dismissed with prejudice the consolidated shareholder class action lawsuit
filed in 2006 against NVE and certain of its current and former executive officers
and directors.
"The court order to dismiss supports our long-standing position that the
lawsuits were wholly without merit," said NVE President and Chief Executive
Officer Daniel A. Baker, Ph.D.
NVE is a leader in the practical commercialization of spintronics, a nanotechnology
that many experts believe represents the next generation of microelectronics.
NVE licenses its MRAM intellectual property and sells spintronic products, including
sensors and couplers, to revolutionize data sensing and transmission.
Statements used in this press release that relate to future plans or events
are forward-looking statements that are subject to certain risks and uncertainties
including, among others, risks of a successful appeal of the judgment dismissing
the securities action as well as the risk factors listed from time to time in
our filings with the SEC, including our Annual Report on Form 10-K and other reports
filed with the SEC.
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