SEATTLE, March 23, 2007 (PRIME NEWSWIRE) -- Keller Rohrback L.L.P. announces that a shareholder derivative complaint has been filed in the United States District Court of the Western District of Washington on behalf of nominal defendant Getty Images, Inc. ("Getty" or the "Company") (NYSE:GYI) and against certain past and present executive officers and directors of Getty.
On March 2, 2007, the Company disclosed that it would not timely file its Form 10-K Annual Report due to the ongoing internal investigation of the Company's stock option grant practices and related accounting issues, which the Company previously announced on November 9, 2006. The Company has also disclosed that the Division of Enforcement of the Securities and Exchange Commission (the "SEC") is conducting an informal inquiry into the Company's stock option grant practices. The Company's third quarter 2006 Form 10-Q is also delinquent, which resulted in the Company's receipt of notices of default from certain holders of its $265 million convertible subordinated debentures.
Keller Rohrback's investigation focuses on the extent to which the Company's stock option grant dates and exercise prices were manipulated by Getty's executive officers and directors.
If you are a Getty shareholder and have relevant information, or if you would like additional information concerning the shareholder derivative claims presently being investigated by Keller Rohrback, please contact paralegal Rodney Shanks or attorneys Elizabeth Leland, Tyler Farmer, or Lynn Sarko by telephone, toll-free at 1-800-776-6044, or via e-mail at: investor@kellerrohrback.com.
To date, stock option practices at approximately 160 companies are being investigated by the SEC or U.S. Attorney's offices across the country. Keller Rohrback L.L.P. is currently investigating the following companies for improperly manipulating the prices of options granted to executive officers and directors:
AES Corp. Radio One Inc. Cytyc Corp. Citrix Systems Inc. Pediatrix Medical Group, Inc. Transaction Systems Architects, 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.
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.