Nanotechnology Maker Hit With Class Action Lawsuit

Law360, New York (March 7, 2006, 12:00 AM EST) -- NVE Corporation, a company on the cutting edge of the burgeoning nanotechnology industry, misrepresented its intellectual property and engaged in a scheme to defraud investors, shareholders claim in a class action lawsuit filed this week.

The suit alleges that NVE’s employees violated the Securities Exchange Act of 1934 and reaped millions in personal stock sales after misleading investors about patent agreements related to its Magnetoresistive Random Access Memory, or “MRAM” technology.

The complaint alleges NVE claimed that Cypress Semiconductor Corp. was using its “watershed” MRAM patent...
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