SEATTLE, Aug. 25, 2006 (PRIMEZONE) -- Keller Rohrback L.L.P. announces that it is investigating claims against certain executives and board members of Zoran Corporation ("Zoran" or the "Company") (NYSE:ZRAN) in light of recent information concerning alleged backdating of stock options at the Company.
Complaints have been filed alleging that the defendants breached their fiduciary duties and colluded with one another to: (1) improperly backdate grants of Zoran stock options to various Zoran executives and directors in violation of the Company's shareholder-approved stock option plans; (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 Tax 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 improper backdating of stock options.
Zoran previously announced that it had established a special committee to conduct a further review of the Company's historical stock option practices. On August 10, 2006, Zoran notified the SEC that the special committee had not completed its review nor reached any preliminary or final conclusions about the Company's historical stock option practices. Therefore, Zoran stated that until the special committee's review is complete, the Company would be unable to file its Form 10-Q for second quarter 2006.
If you are an investor who currently owns Zoran stock and also held the stock in 1998 to 2001, and wish to discuss this case, or have questions about backdating practices, you may contact any member of our team (paralegal Faye Farhang or attorneys Juli Farris, Elizabeth Leland, Cari Campen Laufenberg, Lynn Sarko or Gary Gotto) toll free at 800/776-6044, via e-mail at investor@kellerrohrback.com, or online at www.seattleclassaction.com.
Keller Rohrback L.L.P. is also investigating similar allegations related to the granting of stock options by the following companies:
Company -- Ticker Symbol: Company -- Ticker Symbol: ArthroCare Corp. (ARTC) CA, Inc. (CA) Activision Inc. (ATVI) Monster Worldwide Inc. (MNST) Barnes & Noble Inc. (BKS) Power Integration, Inc. (POWI) CableVision Corp. (CVC)
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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca