Shares of Avant! Corp lost nearly half their value yesterday after felony charges were filed against the company and its officers: the shares plunged $12.00 – or 48.98% – to $12.50 on Tuesday after the Santa Clara County district attorney’s office said it had filed felony charges late last week against Avant!, its president and other senior officials for allegedly stealing Cadence Design Systems Inc technology and then using it to develop its own competing products. Avant! issued a statement which denied the charges and predicted a victory in court. The company also says it will continue to sell and support its products. In addition to the felony charges, Cadence is seeking a civil action against Avant! in federal court.
