SEATTLE, March 21, 2007 (PRIME NEWSWIRE) -- Keller Rohrback L.L.P. is investigating claims against executive officers and board members of AES Corporation ("AES" or the "Company") (NYSE:AES) in light of recent information concerning alleged backdating of stock options at the Company.
On February 26, 2007, the Company announced that it is restating its previously reported financial statements as a result of errors discovered by its management. Since that announcement, the Company has disclosed that the accounting issues identified in February would prevent it from timely filing its 2006 Annual Report and that its previously issued financial statements and reports should no longer be relied upon for the years ended December 31, 2003, 2004 and 2005. The Company stated that it expects to report a reduction in net income of $80-$105 million as a result of accounting errors, including share based compensation relating to stock options and restricted stock unit awards.
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 AES's executive officers and directors in order to boost their value to those who received them.
If you are an AES shareholder and have relevant information, or if you would like additional information concerning the shareholder derivative claims presently being investigated by Keller Rohrback, please contact paralegal Rodney Shanks or attorneys Juli Farris, Elizabeth Leland, Tyler Farmer, or Lynn Sarko by telephone, toll-free at 1-800-776-6044, or via e-mail at: investor@kellerrohrback.com.
To date, stock option practices at approximately 160 companies are being investigated by the SEC or U.S. Attorney's offices across the country. 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
Cytyc Corp. Radio One Inc.
Digital River Inc. Silicon Image Inc.
Insight Enterprises, Inc. Transaction Systems
Architects, Inc.
KV Pharmaceuticals Co. UTStarcom, Inc.
Pediatrix Medical Group, 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.