SEATTLE, Aug. 4, 2006 (PRIMEZONE) -- Keller Rohrback L.L.P. announces that a shareholder derivative complaint has been filed in the United States District Court for the Northern District of California on behalf of nominal defendant Apple Computer, Inc. ("Apple" or the "Company") (NYSE:AAPL) and against certain Company executives and board members.
The Complaint alleges that the defendants breached their fiduciary duties and colluded with one another to: (1) improperly backdate grants of Apple stock options to various Apple executives in violation of the Company's shareholder-approved stock option plans; (2) improperly record and account for the backdated stock options in violation of GAAP; (3) improperly take tax deductions based on the backdated stock options in violation of the Tax Code; and (4) produce and disseminate to the Company's shareholders false financial statements and other SEC filings that improperly recorded and accounted for the backdated option grants thereby concealing the improper backdating of stock options.
Apple had previously announced an internal investigation related to the issuance of certain stock option grants made between 1997 and 2001. Yesterday, the Company announced that although the investigation is ongoing, the Company had discovered additional evidence of irregularities and in light of that, Apple would likely need to restate its historical financial statements.
If you are an investor who holds Apple stock and wish to discuss this case, you may contact any member of our team (paralegal Jennifer Tuato'o or attorneys Juli Farris, Elizabeth Leland, Cari Campen Laufenberg, Lynn Sarko or Gary Gotto) toll free at 800/776-6044, via e-mail at investor@kellerrohrback.com, or online at www.seattleclassaction.com.
Keller Rohrback L.L.P. is also investigating similar allegations related to the granting of stock options by the following companies:
Company Ticker - Symbol Company Ticker - Symbol
Activision (ATVI) Intuit (INTU)
Affymetrix (AFFX) Juniper Networks Inc. (JNPR)
Altera (ALTR) KB Home (KBH)
American Tower Corp. (AMT) Macrovision (MVSN)
Amkor Technology (AMKR) Marvell Technology (MRVL)
Apollo Group (APOL) Meade Instruments Corp (MEAD)
Apple Computer (AAPL) Medarex (MEDX)
Applied Micro Circuits Corp (AMCC) MicroStrategy (MSTR)
Asyst (ASYT) Millennium Pharmaceuticals
(MLNM)
Atmel (ATML) Monster Worldwide (MNST)
Barnes & Noble (BKS) Newpark Resources (NR)
BE Aerospace (BEAV) NYFIX (NYFX.PK)
BEA Systems Inc. (BEAS) OpenWave Systems Inc. (OPWV)
Bed Bath & Beyond (BBBY) Opsware (OPSW)
Blue Coat Systems (BCSI) Power Integrations Inc (POWI)
Boston Communications Inc. (BCGI) Progress Software (PRGS.O)
Broadcom (BRCM) Quest Software Inc. (QSFT)
Brooks Automation Inc.(BRKS) QuickLogic (QUIK)
Caremark Rx Inc. (CMX) Rambus Inc. (RMBS)
Cheesecake Factory (CAKE) Redback Networks (RBAK)
Computer Associates (CA) RSA Security Inc. (RSAS)
Computer Sciences Corp. (CSC) Sanmina-SCI (SANM)
Corinthian Colleges (COCO) Semtech Corp. (SMTC)
Cyberonics (CYBX) Sepracor (SEPR)
Dean Foods (DF) Sigma Designs Inc. (SIGM)
Delta Petroleum (DPTR) Silicon Storage Technology
(SSTI)
Engineered Support Systems Take Two Interactive (TTWO)
(bought out by DRS Technology) Trident Microsystems (TRID)
Equinix (EQIX) VeriSign (VRSN)
Foundry Networks (FDRY) Vitesse Semiconductor (VTSS.PK)
Home Depot (HD) Xilinx (XLNX)
Integrated Silicon Solutions Inc. Zoran (ZRAN)
(ISSI)
Keller Rohrback L.L.P. is a law firm headquartered in Seattle that has successfully represented shareholders and consumers in class action cases for over two decades. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.