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Technology Stocks : Network Appliance

NTAP 109.82

-1.0%

3:59 PM EST

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From: JakeStraw	10/26/2006 8:46:08 AM
	of 10934

Network Appliance Announces Derivative Lawsuit biz.yahoo.com Thursday October 26, 8:30 am ET SUNNYVALE, Calif.--(BUSINESS WIRE)--Network Appliance, Inc. (NASDAQ:NTAP), today announced that a shareholder derivative lawsuit has been filed against the Company. The suit alleges improper practices relating to the timing of stock option granting. Management believes the lawsuit to be completely frivolous and without merit. As NetApp previously disclosed, the Company conducted a thorough review of its options granting process and found no evidence of any backdating of stock option grants. The review was conducted over a year ago, prior to the recent wave of investigations of other public companies related to options issuance practices. The NetApp review was performed in consultation with an external accounting firm and the Company's independent auditors, specifically looking at the period from fiscal year 1994 through fiscal year 2005. Management is confident that the record will support the Company's determination that no backdating of stock options occurred.

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