IQE Files Lawsuit Against Tower Semiconductor

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.