SEATTLE, Sept. 21, 2006 (PRIMEZONE) -- Keller Rohrback L.L.P. announces that a shareholder derivative complaint has been filed in the United States District Court, Northern District of California, on behalf of nominal defendant Foundry Networks, Inc. ("Foundry" or the "Company") (Nasdaq:FDRY) and against certain past and present executive officers and directors of Foundry.
On August 17, 2006, Foundry announced that it had received a NASDAQ Staff Determination letter indicating that the Company was not currently in compliance with NASDAQ's listing requirements due to the delayed filing of Foundry's Form 10-Q for the quarter ended June 30, 2006. Previously on June 27, 2006, Foundry had announced that it had received a grand jury subpoena from the United States District Court, Northern District of California requesting documents related to the Company's granting of stock options from 1995 through the present. Foundry also received an inquiry letter from the Securities and Exchange Commission related to the same subject matter. Subsequently, the Company announced that the board of directors had initiated an independent investigation regarding timing of past stock option grants and other potentially related issues.
If you are an investor who currently owns Foundry stock and you also held the stock at some point between 1995 to the present, the period during which the alleged backdating occurred, and you wish to discuss this case, or have questions about backdating practices, please contact paralegal Jennifer Tuato'o or attorneys 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.
To date, more than 100 companies have announced internal investigations and/or investigations by the U.S. Department of Justice, the Securities and Exchange Commission, and/or U.S. Attorney's offices across the country. Many of these investigations have resulted in earnings restatements or civil and even criminal charges. Keller Rohrback L.L.P. is currently investigating the following companies for improperly manipulating the prices of options granted to executive officers and directors:
Company Company Affymetrix CableVision Aspen Technology Chordiant Software, Inc. Atmel Home Depot Barnes & Noble Monster Worldwide
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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.