TECHNOLOGY
Several groups of Conexant Systems Inc. shareholders filed suit against the chipmaker, claiming it made misleading statements that inflated its stock price. The suits were filed in New Jersey, where Conexant was based before moving back to Newport Beach in November. The shareholders are seeking class-action status. Shareholders argue they were mislead by Conexant executives, who said the integration between struggling Conexant and GlobeSpanVirata, which it bought in 2004, was going well. Meanwhile, Conexant said it will pay former chief executive Armando Geday his base salary of $550,000 as a non-executive employee until June 30. Geday resigned for “personal reasons”… Broadcom Corp. won a couple of rulings versus a group of shareholders who say their stakes were hurt by alleged faulty accounting methods and misleading earnings reports by the Irvine-based chipmaker. A shareholder suit, originally filed in 2002, pitted Broadcom founders Henry Nicholas and Henry Samueli against prominent members of the county’s arts scene, among others. But a judge recently ruled against 32 of 47 plaintiffs. The remaining plaintiffs can pursue their case … Irvine computer maker Gateway Inc. said it wrapped up a $315 million stock buyback from Time Warner Inc.’s America Online unit … The Nasdaq SmallCap exchange gave Garden Grove-based DPAC Technologies Inc. until June 20 to get its stock price higher than $1. The company faces delisting if its shares, which were trading at 58 cents at recent check, don’t rise … Santa Ana-based Ingram Micro Inc. named Keith Bradley as president of its North American region. Bradley has been interim president since June. Bradley joined Ingram in February 2000 as controller for the computer products distributor’s U.S. operations. He previously was controller for Walt Disney Co.’s stores unit … Malvern, Pa.-based Vishay Intertechnology’s $17.7 million offer for Tustin-based SI Technologies Inc. has support from 41% of SI’s shareholders so far. The deal is expected to close in the first quarter, after a special shareholder vote takes place … Irvine-based video game maker Interplay Entertainment Corp. said it had $71,000 in cash and $10 million in debt. The company reported a net loss of $1.5 million in the quarter ended Sept. 30. The loss is smaller than the $2.2 million loss the company reported a year ago. Interplay hasn’t paid its 11 workers in the past quarter. Interplay, known for games such as “Baldur’s Gate,” said it plans to release a new multiplayer game by summer. The game maker is a unit of France’s Titus Interactive SA, which filed for France’s version of bankruptcy in the summer … Costa Mesa-based video game maker Planetwide Games said 100,000 players signed up to test its new fantasy role-playing game “Risk Your Life.” The game is part of what is known as massively multiplayer online games, which allow thousands of players to play online at the same time.
Tustin-based Sunwest Bank split its shares 1-for-30 and changed its stock symbol from “SWST” to “SWBC.”
Orange Coast College in Costa Mesa got started on a $225 million plan to build a new library, classrooms and other campus buildings during the next eight years. The campus makeover will allow for 3% enrollment growth annually in the next decade … Some $2 million in federal funds were earmarked for the study of a proposed tunnel that would link Orange and Riverside counties under the Cleveland National Forest.
Aliso Viejo-based Fluor Corp. won a contract from Kuwait National Petroleum Co. to design and build an oil refinery. Terms weren’t disclosed Irvine-based Claim Jumper Enterprises Inc. completed at $31.5 million financing deal with General Electric Co.’s commercial finance unit. The money will be used to refinance its debt and fund expansion, including a couple of new restaurants in Washington and Arizona … Newport Beach-based Churm Publishing Inc. said it plans to combine three Southern California golf magazines into a single publication called Southland Golf. The new magazine will be available in the Inland Empire and Palm Springs areas. Churm publishes OC Metro, OC Family and Inland Empire Family magazines James Hardie Industries NV, a Netherlands-based building products maker with U.S. headquarters in Mission Viejo, settled with thousands of Australians who suffered from lung diseases caused by asbestos it produced … Foothill Ranch-based Oakley Inc. and Italy’s Luxottica Group SPA signed a pact to sell Oakley products in Luxottica stores. The competitors cut ties in 2001 when Luxottica purchased Sunglass Hut International Inc. The companies later made up … Shares of Costa Mesa-based accounting services provider Resources Connection Inc. surged after the company said its operating income more than tripled to $27 million in the quarter ended Nov. 30, versus a year ago, on a near doubling in revenue to $137 million. The company said revenue from work related to the Sarbanes-Oxley accounting reform spurred gains.
ECONOMIC INDICATORS
Mixed: Consumer mood in California, with Chapman Univ-ersity’s consumer sentiment index falling 9.1 points in the fourth quarter to 101.5,the first drop in six quarters. Still, a level above 100 indicates optimism among consumers, Chapman said.
