Derivative Suit Against MIPS Dismissed, For Now

Law360, New York (January 15, 2008, 12:00 AM EST) -- A California federal judge has dismissed a derivative lawsuit against semiconductor company MIPS Technologies Inc. for alleged backdating but has given the plaintiffs three weeks to revise their claims.

U.S. Judge Ronald M. Whyte of the Northern District of California on Friday granted MIPS' motion to dismiss because lead plaintiff Joseph Carco had failed to address the company's board of directors prior to filing the suit.

Carco, a MIPS shareholder, had claimed that addressing his complaints with the board would have been futile. However, Judge Whyte...
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