Securities fraud charges against Cree are dropped
The accusations of unfair trade practices, which formed part of the original suit, were also dropped. However, the plaintiffs have opposed a motion by Cree to dismiss the other accusations in the lawsuit, which state that Neal Hunter made false statements about Eric Hunter and that Eric Hunter and his wife were the subject of harassment and intimidation.
Cree said in July that the SEC was investigating the securities fraud allegations made by Eric Hunter, although no formal probe by the SEC has been launched. As the fraud charges were dropped, Cree also said that a special committee of its board of directors had found that the fraud allegations lacked merit. The committee was composed of independent directors acting on advice from independent legal counselors.
