Anatomy of a chipmaker meltdown
AMD flash-mem spin-off Spansion has been hit with two separate employment lawsuits after unexpectedly laying off 35 per cent of its workforce earlier this week. Both suits - Refuerzo v. Spansion and Rubaker v. Spansion - were filed yesterday in the United States District Court for the Northern District of California. Both accuse …
Even if they lose the lawsuit they'll just declare bankruptcy and completely avoid any penalties. Meanwhile the people who got laid off with no notice will continue to be out of pocket for legal expenses, while the unethical backstabbing executives who made these decisions will have pocketed millions and move on to the next group of suckers. Just another example amongst many of corporate psychopaths getting away with it.
Spansion filed for Chapter 11 today.
http://www.nytimes.com/aponline/2009/03/01/business/AP-Spansion-Bankruptcy.html?_r=1
This company was in trouble even in a booming economy. It had no chance in an economic downturn.
