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Emcore Corporation Announces Favorable Ruling From Sumitomo Arbitration

The following excerpt is from the company's SEC filing.

Tribunal Finds in Favor of EMCORE and Awards Legal Fees of over $2.5 million

ALHAMBRA, California, April 13, 2016 - EMCORE Corporation (NASDAQ: EMKR), a leading provider of Indium Phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market, announced today the receipt of a favorable ruling from the International Court of Arbitration tribunal relating to its ongoing dispute with Sumitomo Electric Industries, Ltd. ("SEI").

As previously disclosed, in September 2014, SEI filed for arbitration against the Company in connection with certain disput es arising out of the Company's sale of assets to SEI in May 2012. SEI was seeking $47.5 million from EMCORE relating to numerous claims.

On April 12, 2016, a three member arbitration panel rejected SEI's claims. The panel ruled that EMCORE owes SEI none of the amounts SEI sought in the arbitration and...