Skip to content
AnalystLens

CADENCE DESIGN SYSTEMS INC 8-K Report, Regulation FD Disclosure (Feb 23, 2011)

Reports
Regulation FD
Filing Date
Filed February 23, 2011
Period End
February 22, 2011
Security
CDNS
In the record · 2016–202610-K1210-Q328-K98

CDNS filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 98 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · May ’19May ’19
  3. Leadership change8-K · Jul ’21Jul ’21
  4. Material agreement8-K · Sep ’25Sep ’25

01—Abstract

Summary

Summary of the 8-K filed February 23, 2011. Cited figures are marked; the original filing is the authoritative source.

Cadence Design Systems, Inc. (CDNS) has filed an 8-K report disclosing the settlement of a federal securities class action and related derivative litigations.

The company reached agreements to resolve these cases, which were previously detailed in their Q3 2010 10-Q filing. This settlement represents a significant financial event that impacts the company's fiscal 2010 financial performance. While the settlements were reached after the end of fiscal 2010, Cadence has recorded an expense of approximately $15.8 milliona in the fourth quarter of 2010.

This expense reflects the company's net cost after expecting approximately $24.2 millionb to be covered by insurance carriers, out of an aggregate settlement cost of $40 million. It is crucial for investors to note that Cadence has not admitted any wrongdoing as part of these settlements, which are still subject to final documentation and court approval. Investors should consult the upcoming Form 10-K for a comprehensive understanding of the financial impact on fiscal 2010 GAAP performance.

02—Key points

Key Highlights

  1. Cadence Design Systems has reached settlement agreements for federal securities class action and related derivative litigations.
  2. The company recorded an expense of approximately $15.8 million in Q4 2010 related to these settlements.
  3. The total aggregate settlement cost is approximately $40 million.
  4. Cadence expects insurance carriers to cover approximately $24.2 million of the settlement cost.
  5. The settlements are being finalized and require court approval.
  6. Cadence has not admitted any wrongdoing as part of the settlement agreements.
  7. Investors are advised to review the upcoming Form 10-K for detailed financial impact on fiscal 2010.

03—Questions

Frequently Asked Questions

  1. What is the main purpose of this 8-K filing?

    This 8-K filing is to disclose that Cadence Design Systems has reached settlement agreements for a federal securities class action and related derivative litigations.

  2. What is the financial impact of these settlements on Cadence?

    Cadence recorded an expense of approximately $15.8 million in the fourth quarter of fiscal 2010. The total settlement is approximately $40 million, with about $24.2 million expected to be reimbursed by insurance carriers, making Cadence's net cost approximately $15.8 million.

  3. Has Cadence admitted any wrongdoing?

    No, Cadence has agreed to these settlements without admitting any wrongdoing on the part of the company or its current or former directors and executive officers.

  4. Are the settlements finalized?

    No, the settlements are subject to the completion of final settlement documentation by the parties involved and subsequent court approval.

04—Continue

← View all 8-K filings