LOS ANGELES, June 12, 2006 (PRIMEZONE) -- The law firm of Weiss & Lurie has filed a derivative lawsuit in Santa Clara Superior Court against certain members of KLA-Tencor Corporation's (Nasdaq:KLAC) Board of Directors, including members of its Compensation and Audit Committees, and certain of its executive officers.
Plaintiff is suing derivatively on behalf of the Company. The Complaint alleges that, in breach of their fiduciary duties, defendants regularly backdated stock options awarded to executive officers. According to the Complaint, defendants' conduct violated the Company's shareholder-approved stock option plans, the Company's corporate governance guidelines, the Company's standards of business conduct, the Company's conflicts of interest policy and industry standards. The action seeks return to the Company of all of the improperly issued backdated stock options, including any proceeds from any options that have been exercised or otherwise monetized, and other relief.
Weiss & Lurie (www.wllawca.com) is currently investigating similar stock grant practices at the following companies:
Company Ticker Symbol
Affiliated Computer Services ACS
Alkermes, Inc. ALKS
Altera ALTR
American Tower AMT
Amkor Technology, Inc. AMKR
Analog Devices, Inc. ADI
Applied Micro Circuits Corp. AMCC
Asyst ASYT
Boston Communications Group Inc. BCGI
Broadcom BRCM
Brocade Communications BRCD
Brooks Automation BRKS
Caremark RX CMX
CNET Networks, Inc. CNET
Delta Petroleum DPTR
F5 Networks, Inc. FFIV
Fresenius FMS
HealthSouth HLSH.PK
Jabil Circuit JBL
Juniper Networks, Inc. JNPR
L3 Communications Holdings LLL
Linear Technology LLTC
M Systems Flash Disk Pioneers Ltd. FLSH
Marvell Technology Group MRVL
Maxim Integrated MXIM
McAfee MFE
Meade Instruments Corp. MEAD
Medarex MEDX
Mercury Interactive MERQ.PK
Michaels Stores MIK
MicroStrategy MSTR
Millennium Pharmaceuticals MLNM
Monster Worldwide MNST
Novellus NVLS
NYFIX NYFX.PK
Openwave Systems Inc. OPWV
Power Integrations POWI
Quest Software QSFT
Rambus RMBS
Renal Care RCI
RSA Security RSAS
SafeNet SFNT
Semtech SMTC
Sepracor SEPR
Stolt-Nielsen SNSA
Sycamore Networks SCMR
Trident Microsystems TRID
Zoran ZRAN
Weiss & Lurie is also investigating claims that certain companies have granted options to executives immediately prior to announcing positive news, thereby rendering their options "in the money" without making proper disclosures of the real value of the options. The SEC maintains that where grants are made available prior to a positive announcement, a failure to discuss timing and value of the grant in SEC filings is a disclosure violation.
Weiss & Lurie, with offices in New York and Los Angeles, has extensive experience in complex litigation, particularly securities and consumer class actions, and has been appointed lead counsel in numerous class and derivative litigations.
If you are a purchaser or holder of the stock of KLA-Tencor or any of the other companies currently being investigated, please contact:
Jordan L. Lurie, Esq.
Leigh A. Parker , Esq.
Weiss & Lurie -- Los Angeles
Telephone: (800) 437-7918
email: info@wllawca.com
internet: www.wllawca.com
CONTACT: Weiss & Lurie -- Los Angeles
(800) 437-7918
www.wllawca.com
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