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Cree Prevails In Shareholder Class Action LawsuitDURHAM, N.C., Aug. 3 /PRNewswire-FirstCall/ -- Cree, Inc. announced today that in a decision entered on August 2, 2005, the United States District Court for the Middle District of North Carolina dismissed "in its entirety with prejudice" the consolidated class action complaint previously pending against Cree and certain of its current and former directors and officers. The Court's dismissal applies to all of the plaintiffs and all of their claims that were still pending from the actions originally filed in 2003. "We are very pleased that Cree has been vindicated by the Court, as we have maintained all along that these allegations were without merit," stated Chuck Swoboda, Cree's Chairman and CEO. Cree is an advanced semiconductor company that leverages its expertise in silicon carbide (SiC) and gallium nitride (GaN) materials technology to produce new and enabling semiconductors. The products include blue and green light emitting diodes (LEDs), packaged LEDs, power switching devices and radio frequency (RF) and microwave devices. The company is currently developing near ultraviolet lasers. Target applications for the company's products include solid-state illumination and backlighting, power switching, wireless infrastructure and optical storage. Cree understands the important convergence of science, technology and creativity, placing high value on ideas, as well as the energy and ability of its people. For more information on Cree, please visit http://www.cree.com/. This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated, including uncertainty regarding whether the plaintiffs will appeal the dismissal of the action and the results of any appeal, and other factors discussed in Cree's filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 27, 2004, and subsequent filings. Cree and the Cree logo are registered trademarks of Cree, Inc. Cree, Inc. CONTACT: Raiford Garrabrant, Director, Investor Relations of Cree, Inc.,+1-919-313-5397, or fax, +1-919-313-5615, or [email protected] Web site: http://www.cree.com/ |