SEATTLE, Feb. 14, 2007 (PRIME NEWSWIRE) -- Keller Rohrback L.L.P. has been appointed Lead Counsel in the Zoran Corporation Derivative Litigation, No. 06-05503, pending in the United States District Court for the Northern District of California.
The Complaint alleges that certain executives and board members of Zoran Corporation ("Zoran" or the "Company") (Nasdaq:ZRAN), between at least 1998 and 2001, breached their fiduciary duties to the Company and its shareholders colluded to: (1) improperly backdate grants of Zoran stock options to Zoran executives and directors; (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 Internal Revenue 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 backdating of stock options.
Zoran has stated its intent to file its Form 10-Q quarterly report as soon as practicable following the conclusion of the review of its historical stock option practices, which is being conducted by a special committee of its Board of Directors. On November 15, 2006, however, Zoran received a Nasdaq Staff Determination Notice stating that Zoran is not in compliance with Nasdaq's Marketplace Rules 4310(c)(14) because it did not timely file its third quarter report on Form 10-Q and, therefore, that its common stock is subject to delisting.
If you are an investor who currently owns Zoran stock and also held the stock between 1998 and 2001, and wish to discuss this case, or have questions about backdating practices, you may contact any member of our team: paralegal Rodney Shanks or attorneys Juli Farris, Elizabeth Leland or Lynn Sarko, toll-free at 800/776-6044, via e-mail at investor@kellerrohrback.com, or online at www.seattleclassaction.com.
In a derivative lawsuit, any recovery obtained is returned to the company, for the indirect benefit of its current shareholders. You are not required to contact this or any other law firm in connection with such litigation in the event someone else files such a lawsuit. If you wish to initiate such a lawsuit to seek recovery on behalf of the company, however, you may wish to retain counsel to do so.
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.
Keller Rohrback is also investigating similar allegations related to the granting of stock options by the following companies:
Company Coherent, Inc. Flir Systems, Inc. Digital River Inc. Pediatrix Medical Group, Inc
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.