- IQE Plc IQEPY, the leading supplier of compound semiconductor wafer products and advanced material solutions, has prosecuted Tower Semiconductor Ltd TSEM.
- IQE claimed to possess significant evidence against Tower's unlawful misuse of IQE's trade secrets to obtain patents on IQE's technology.
- The claims related to IQE's proprietary porous silicon technology, which would underpin devices used in 5G and advanced sensing applications.
- Earlier this year, Intel Corp INTC agreed to acquire Tower for $53 per share in cash, valuing the latter at $5.4 billion.
- Tower clocked 21% revenue growth in the first quarter of FY22, beating the consensus. It posted a 29% organic growth.
- Price Action: TSEM shares traded lower by 0.11% at $46.03 in the premarket on the last check Monday.
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