Cymer Inc. has announced global work-force cuts of 12 percent as it restructures to offset the slump in the semiconductor industry. Most of the layoffs will occur in the company headquarters in San Diego where approximately 98 positions will be eliminated. Senior executive salaries also are being slashed by 10 percent as part of the plan to reduce costs.
These cuts come on the heels of a shareholder class action suit that alleges the company misled investors by misrepresenting its business position and artificially inflating the stock to a high of $49.25 on Aug. 25, 1997. The class action covers purchasers of Cymer stock from April 24 to Sept. 26, 1997.