SEATTLE, Oct. 24, 2006 (PRIMEZONE) -- Keller Rohrback L.L.P. announces that a shareholder derivative complaint has been filed in the United States District Court, District of Massachusetts, on behalf of nominal defendant Novell, Inc. ("Novell" or the "Company") (Nasdaq:NOVL) and against certain past and present executive officers and directors of Novell.
On August 29, 2006 Novell disclosed that it had initiated a voluntary review of its historical stock-based compensation practices and the related potential accounting impact. The Company stated that based on preliminary findings, the Audit Committee of Novell's Board of Directors engaged independent outside legal counsel to conduct the review. Subsequently, on September 8, 2006, Director Jack Messman announced his resignation from the Board of Directors effective September 11, 2006. On September 11, 2006, Novell notified the Securities and Exchange Commission of its inability to file its quarterly report for the period ended July 31, 2006 in a timely manner. On September 20, 2006, Novell announced that it had received a staff determination notice from The Nasdaq Stock Market stating that the Company's common stock was subject to delisting.
If you are an investor who currently owns Novell stock 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
Adobe Systems Inc. Pediatrix Medical Group, Inc.
Key Energy Services, Inc. Pool Corp.
Molex, Inc.
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.