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