Lawsuit Dismissal Gives Rambus a Lift

Rambus ( RMBS) said a U.S. District Court in California dismissed the consolidated amended complaint in a shareholder lawsuit against the chip technology company, and the announcement lifted its stock higher on Wednesday.

In a press release, Rambus said the suit arose from allegations concerning its 1991 to 1995 attendance at an industry standards setting body called JEDEC.

The case consolidated multiple purported class actions filed in 2001. No class had been certified, but the court had appointed lead plaintiffs in 2001.

The lead plaintiffs recently moved for dismissal following rulings favoring Rambus from the Court of Appeals for the Federal Circuit.

Following the decision, Rambus saw its shares climb $1.59, or 9.7%, to $18.03 in Nasdaq trading.

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