Cypress Semi gets second lawsuit from ex-CEO over proxy

|About: Cypress Semiconductor Corp... (CY)|By:, SA News Editor

Founder and former CEO T.J. Rodgers has filed a second lawsuit against Cypress Semiconductors (NASDAQ:CY) in an ongoing proxy campaign against the board.

A court ruling last week granted Rodgers access to board minutes and presentations that Cypress had agreed to provide.

Today, Rodgers has filed suit in Delaware to compel the board to make corrective disclosures to address "numerous material omissions and misstatements of fact" in its proxy, "why they are allowing Ray Bingham to serve as executive chairman while he has violated and is continuing to violate numerous provisions of Cypress's Code of Business Conduct and Ethics."

He's pressing shareholders again to elect two directors he supports.

The annual meeting is coming up June 8.