SEATTLE, Wash., Jan. 22, 2007 (PRIME NEWSWIRE) -- Keller Rohrback L.L.P. is investigating claims against certain executive officers and board members of Transaction Systems Architects, Inc. ("Transaction" or the "Company") in light of recent information concerning alleged backdating of stock options at the Company.
On October 27, 2006, Transaction announced that its Audit Committee is reviewing historical stock option grants for all periods from 1995 through the present. Preliminary findings indicate that on several instances during fiscal years 1995-2001, measurement dates for accounting purposes differ from recorded dates. The Company has announced plans to file an 8-K directing that financials since fiscal year 1995 should not be relied upon.
On January 3, 2007, Transaction received a written Nasdaq Staff Determination notice that the Company is not in compliance with NASDAQ rules because of failure to timely file its most recent Annual Report on Form 10-K and, therefore, its common stock is subject to delisting.
Keller Rohrback's investigation focuses on the extent to which the Company's stock option grant dates and exercise prices of stock options were manipulated by Transaction's executive officers and directors in order to boost their value to those who received them.
If you are a current Transaction shareholder and have information that is relevant to our investigation, or if you would like additional information concerning the shareholder derivative claims presently being investigated, please contact paralegal Rodney Shanks or attorneys Juli Farris, Elizabeth Leland, Cari Campen Laufenberg, Lynn Sarko or Gary Gotto by telephone, toll-free at 1-800-776-6044, or via e-mail at: investor@kellerrohrback.com.
To date, more than 100 companies are being investigated by the U.S. Department of Justice, the Securities and Exchange Commission, and U.S. Attorney's offices across the country, resulting in civil and even criminal charges. Keller Rohrback L.L.P. is currently investigating the following companies for improperly manipulating the prices of options granted to executive officers and directors:
Company Company Coherent, Inc. KV Pharmaceuticals Co. Digital River Inc. Novell Inc. Finisar Corp. Pediatrix Medical Group, Inc. First American Corp. Research in Motion, Ltd. Flir Systems, Inc. Silicon Image Inc. Getty Images, Inc. UTStarcom, Inc. Insight Enterprises, Inc. Valeant Pharmaceuticals International
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.
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.