UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): February 22, 2011
CADENCE DESIGN SYSTEMS, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware
(State or Other Jurisdiction
of Incorporation)
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000-15867
(Commission File Number)
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77-0148231
(I.R.S. Employer
Identification No.) |
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2655 Seely Avenue, Building 5
San Jose, California
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95134 |
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(Zip Code) |
(408) 943-1234
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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| Item 7.01. |
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Regulation FD Disclosure. |
In February 2011, Cadence
Design Systems, Inc. (“Cadence”) reached an agreement to settle the federal securities class action in the cases
captioned “In re Cadence Design Systems, Inc. Securities Litigation” and the individual defendants
reached an agreement to settle the related state and federal derivative cases, both captioned “In
re Cadence Design Systems, Inc. Derivative Litigation.” The cases are described in more detail in
Cadence’s Quarterly Report on Form 10-Q for the third quarter of fiscal 2010. Though the settlement was reached subsequent to fiscal 2010 year-end,
Cadence recorded an expense of approximately $15.8 million in respect of the settlements for the fourth quarter of
2010, which is the aggregate settlement cost of approximately $40 million, net of approximately
$24.2 million that Cadence expects will be paid by its insurance carriers. Cadence agreed to
these settlements without admitting any wrongdoing on the part of the company or any of its current
or former directors and executive officers and the settlements are
subject to completion of final
settlement documentation by the parties and court approval. This settlement was reached
after Cadence’s earnings release for fiscal 2010 and the fourth
quarter of fiscal 2010 and investors should review Cadence’s
Form 10-K for fiscal 2010 when it is filed for additional detail
with respect to the impact of this settlement-related expense on Cadence’s GAAP
financial performance for fiscal 2010.
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