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Litigation | 12 Months Ended
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Jan. 01, 2012
Litigation [Abstract] |
Litigation | LITIGATION Initial Public Offering Securities Litigation On October 26, 2001, a putative securities class action was filed in the U.S. District Court for the Southern District of New York against certain investment banks that underwrote QuickLogic's initial public offering, QuickLogic and some of QuickLogic's officers and directors. The complaint alleged excessive and undisclosed commissions in connection with the allocation of shares of common stock in QuickLogic's initial and secondary public offerings and artificially high prices through “tie-in” arrangements which required the underwriters' customers to buy shares in the aftermarket at pre-determined prices in violation of the federal securities laws. Plaintiffs sought an unspecified amount of damages on behalf of persons who purchased QuickLogic's stock pursuant to the registration statements between October 14, 1999 and December 6, 2000. Various plaintiffs filed similar actions asserting virtually identical allegations against over 300 other public companies, their underwriters, and their officers and directors arising out of each company's public offering. These actions, including the action against QuickLogic, were coordinated for pretrial purposes and captioned In re Initial Public Offering Securities Litigation, 21 MC 92. The parties reached a global settlement of the litigation. Under the settlement, the insurers are to pay the full amount of settlement share allocated to the Company, the Company will not bear any financial liability and the Company and the other defendants will receive complete dismissals from the case. The settlement was approved by the Court on October 5, 2009 and certain objectors filed appeals. The last remaining appeal of the settlement was withdrawn on January 13, 2012 and the settlement may now be enforced. The Company did not accrue any amounts related to the proposed settlement because it was not reasonably estimable. From time to time, the Company is involved in legal actions arising in the ordinary course of business, including but not limited to intellectual property infringement and collection matters. Absolute assurance cannot be given that third party assertions will be resolved without costly litigation in a manner that is not adverse to the Company's financial position, results of operations or cash flows or without requiring royalty or other payments in the future which may adversely impact gross profit.

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- Definition The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies. + References No definition available. + Details
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