Item 1. Legal Proceedings
ITEM 1. LEGAL PROCEEDINGS
As previously disclosed, the Company continues to cooperate with the Department of Commerce (“DOC”) in connection with its ongoing administrative investigation regarding certain transactions by the Company. On April 16, 2025, the Company received a letter from the DOC, which included certain allegations of administrative violations of export control regulations. The Company is evaluating the letter and held an initial meeting with DOC to discuss the alleged violations and resolution of the matter. The discussion with DOC is ongoing and at this time, the Company is unable to determine the outcome or estimate possible loss and therefore cannot determine the likelihood of loss or estimate a range of possible loss, if any.
We have in the past, and may from time to time in the future, become involved in legal proceedings arising from the normal course of business activities. The semiconductor industry is characterized by frequent claims and litigation, including claims regarding patent and other intellectual property rights as well as improper hiring practices. Irrespective of the validity of such claims, we could incur significant costs in the defense thereof or could suffer adverse effects on its operations.
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