SEATTLE , April 3, 2007 (PRIME NEWSWIRE) -- Lead Counsel Keller Rohrback L.L.P. has filed a Consolidated Verified Derivative Complaint 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 1996 and 2006, breached their fiduciary duties to the Company and its share-holders by: (1) improperly backdating grants of Zoran stock options to Zoran executives and directors; (2) improperly recording and accounting for the backdated stock options in violation of GAAP; (3) improperly taking tax deductions based on the backdated stock options in violation of the Internal Revenue Code; and (4) producing and disseminating 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.
On August 14, 2006, the Company received notice that its stock is subject to delisting due to its failure to file its Form 10-Q for the second quarter of 2006. Since then the Company has also failed timely to file its Form 10-Q for the third quarter and its 2006 Form 10-K Annual Report, which was due by March 1, 2007. As a result of these delinquencies, Zoran's stock remains subject to delisting by NASDAQ.
If you are a Zoran shareholder, 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 Tyler Farmer 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 be-half 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:
AES Corporation Research in Motion
Digital River Inc. Pediatrix Medical Group, Inc.
Cytyc Corp. Radio One Inc.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.