It isn't helping today's price, but in yesterday's news...
10:31 a.m. 06/27/2007
NEW YORK (Dow Jones)--Plaintiffs lawyers have agreed to drop a lawsuit that accused Network Appliance Inc. (NTAP) Chief Executive Dan Warmenhoven and several colleagues of rigging stock options over a seven-year period to enrich themselves, according to documents filed in federal court in San Jose, the San Jose Mercury reported Wednesday.
The newspaper said the order, signed Monday by U.S. District Judge James Ware, stated that the plaintiffs' attorneys "determined not to pursue this action" following a presentation by Network Appliances' defense counsel concerning the company's internal investigation "and after conducting further investigation."
Under terms of the dismissal, however, plaintiffs have the option to refile, the newspaper said.
The litigation targeting Network Appliance raised eyebrows, the Mercury said, because Warmenhoven last summer had decried the stock-option scandal as "a witch hunt" aimed at Silicon Valley companies. Federal authorities had opened investigations into numerous companies, including about 50 in the valley, that are suspected of giving insiders head starts to paper profits without proper reporting and accounting |
