SANTA CLARA, Calif.,
Nov. 3, 2011 /PRNewswire/ -- Advanced
Analogic Technologies, Inc. ("AnalogicTech" or the "Company")
(Nasdaq: AATI), today issued the following statement in response to
the Form 8K filed today by Skyworks Solutions, Inc. ("Skyworks")
(Nasdaq: SWKS) and Skyworks' unilateral and unauthorized withdrawal
of the Registration Statement on Form S−4 related to the Definitive
Merger Agreement between Skyworks and AnalogicTech.
AnalogicTech believes the actions taken by Skyworks today are
calculated acts of desperation to advance the interests of Skyworks
at the expense of AnalogicTech and its stockholders.
Skyworks' allegations are false, baseless and entirely without
merit. AnalogicTech stands behind its financial statements
and accounting practices and will continue to defend itself
vigorously against Skyworks' spurious claims.
Just a few months ago, Skyworks conducted extensive due
diligence on AnalogicTech and entered into a legally binding
definitive merger agreement to acquire the Company. We
believe that Skyworks' public disclosure of false allegations are
in clear violation of the Delaware
Chancery Court's rules of arbitration and are just another
desperate attempt by Skyworks to renege on its obligations under
its merger agreement with AnalogicTech.
We believe Skyworks has resorted to making these unfounded
accusations in the court of public opinion because it knows these
claims cannot withstand the scrutiny of a court of law.
AnalogicTech will continue to work within the Chancery Court's
arbitration process. We are confident that the Chancery Court
will uphold our position that no 'material adverse effect' has
occurred and that Skyworks – not AnalogicTech – has breached its
obligations under the merger agreement.
AnalogicTech further cautions that Skyworks' representation of
the proceedings before the Delaware Chancery Court are inaccurate and
should not be relied upon.
About Advanced Analogic Technologies, Inc.
Advanced Analogic Technologies Incorporated (AATI), or
AnalogicTech, develops advanced semiconductor system solutions that
play a key role in the continuing evolution of feature-rich, energy
efficient electronic devices. The company focuses on addressing the
application-specific power management needs of consumer devices
such as mobile handsets, digital cameras, tablets, notebooks, TV
and LCD displays as well as devices in a broad range of industrial,
medical and telecom applications. AATI also licenses device,
process, package, and application-related technologies.
Headquartered in Silicon Valley, AATI has design centers in
Santa Clara and Shanghai, and Asia-based operations and logistics. For more
information, please visit www.analogictech.com.
SOURCE Advanced Analogic Technologies, Inc.