SAN JOSE, Calif.–(BUSINESS WIRE)–Western Digital Corp. (NASDAQ: WDC) at this time issued the next assertion concerning the order of the Superior Court of California for the County of San Francisco (“the Court”):
Following the directive of the Court on the July 14, 2017 listening to, Toshiba has entered into an settlement with Western Digital’s SanDisk subsidiaries stopping Toshiba from closing any switch of its JV pursuits with out offering at the least 14 days’ advance discover to SanDisk.
The settlement, which has been formally entered by the Court as an order, protects SanDisk’s JV pursuits and preserves SanDisk’s consent rights till SanDisk’s request for additional injunctive aid might be heard by the ICC International Court of Arbitration.
As half of the settlement, and in keeping with the tentative ruling by the Court on July 27, 2017, Toshiba has accepted the Court’s jurisdiction over Toshiba for functions of implementing this order.
Our purpose has at all times been to guard and protect the well being and future of our profitable joint ventures. Our ongoing discussions with Toshiba and its stakeholders have been constructive, and we’ll proceed to work to hunt an answer that’s in the very best pursuits of all events.
About Western Digital
Western Digital is an industry-leading supplier of storage applied sciences and options that allow folks to create, leverage, expertise and protect knowledge. The firm addresses ever-changing market wants by offering a full portfolio of compelling, high-quality storage options with customer-focused innovation, excessive effectivity, flexibility and pace. Our merchandise are marketed beneath the HGST, SanDisk and WD manufacturers to OEMs, distributors, resellers, cloud infrastructure suppliers and shoppers. Financial and investor info is accessible on the corporate’s Investor Relations web site at investor.wdc.com.
This information launch incorporates sure forward-looking statements, together with statements in regards to the JVs, SanDisk’s rights beneath the JV agreements, its actions to guard such rights, and ongoing proceedings with respect to these rights. There are a quantity of dangers and uncertainties that will trigger these forward-looking statements to be inaccurate together with, amongst others: uncertainties with respect to the corporate’s enterprise ventures with Toshiba; volatility in world financial circumstances; enterprise circumstances and progress within the storage ecosystem; affect of aggressive merchandise and pricing; market acceptance and value of commodity supplies and specialised product elements; actions by rivals; sudden advances in competing applied sciences; our improvement and introduction of merchandise primarily based on new applied sciences and growth into new knowledge storage markets; dangers related to acquisitions, mergers and joint ventures; difficulties or delays in manufacturing; and different dangers and uncertainties listed within the firm’s filings with the Securities and Exchange Commission (the “SEC”), together with the corporate’s Form 10-Q filed with the SEC on May eight, 2017, to which your consideration is directed. You mustn’t place undue reliance on these forward-looking statements, which communicate solely as of the date hereof, and the corporate undertakes no obligation to replace these forward-looking statements to mirror subsequent occasions or circumstances.