According to a joint notice of settlement filed in California federal court, Advanced Micro Devices (AMD) has agreed to shell out close to $30 million to settle a class action lawsuit filed by shareholders in 2014.
The lawsuit stems from allegations the chipmaker violated the Securities Exchange Act of 1934 by overstating the demand for its Llano APU. Members of the class action claim they were duped by AMD's statements that demand for the chip was strong, even though the company knew it was suffering from supply issues and weak demand.
