SEATTLE, Nov. 15, 2006 (PRIMEZONE) -- Keller Rohrback L.L.P. announces that a shareholder derivative complaint has been filed in the United States District Court, District of Minnesota, on behalf of nominal defendant Digital River Inc. ("Digital River" or the "Company") (Nasdaq:DRIV) and against certain past and present executive officers and directors of Digital River.
The litigation focuses on the extent that the Company's stock option grant dates and exercise prices of stock options were manipulated by Digital River's executive officers and directors in order to boost their value to those who received them. Specifically, the complaint alleges that the defendants have breached their fiduciary duties and colluded with one another to: (1) improperly backdate grants of Digital River's stock options to various executive officers and directors 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.
If you are a current shareholder of Digital River stock and would like additional information concerning the shareholder derivative claims presently being investigated, or have information that is relevant to our investigation, please paralegal Jennifer Tuato'o or attorneys Juli Farris, Elizabeth Leland, Cari Campen Laufenberg, Lynn Sarko or Gary Gotto by telephone, toll-free at 1-800-776-6044, or via e-mail at: investor@kellerrohrback.com.
To date, more than 100 companies are being investigated by the U.S. Department of Justice, the Securities and Exchange Commission, and U.S. Attorney's offices across the country, resulting in 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
Flir Systems Inc. Nvidia Corp.
Hansen Natural Corp Silicon Image, Inc.
Getty Images Inc. Valeant Pharmaceuticals Intl.
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.