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Securities Regulation Keyed to Cox
Panther Partners Inc. v. Ikanos Communications, Inc.
Citation:
681 F.3d 114 (2012)Facts
Ikanos Communications, Inc. is a publicly-traded company that develops and markets programmable semiconductors enabling broadband services. In 2005, Ikanos sold VDSL Version Four chips to Sumitomo Electric and NEC, its two largest customers accounting for 72% of its 2005 revenues. These customers incorporated the chips into products sold to NTT for installation in NTT’s network. In January 2006, Ikanos learned of quality issues with the chips, specifically “Kirkendahl voiding” problems traceable to a third-party assembling company in China. In the weeks leading up to the March 2006 Secondary Offering, defect issues became more pronounced as Ikanos received increasing complaints that the chips were defective and causing network failures, resulting in end-users losing access to subscribed services. Ikanos’s Board of Directors discussed the defect issue, and company representatives traveled to Japan to meet with customers. The Registration Statement contained only generic cautionary language about potential defects. The Secondary Offering sold 5.75 million shares at $20.75 per share, raising over $120 million. Ikanos ultimately determined the chips had a 25-30% failure rate and in June 2006 agreed to replace all units sold to these customers at Ikanos’s expense.
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