SEATTLE, June 7, 2007 LAWFUEL – The Law Firm Newswire — Keller Rohrback L.L.P. announced that on June 5, 2007, the Honorable William Alsup issued an order in which he granted in part and denied in part the Defendant’s Motion to Dismiss in the Zoran Corporation Derivative Litigation, No.
06-05503 (N.D. Cal.). The order allows Plaintiff’s lawsuit to proceed.
The Consolidated Verified Derivative Complaint (“Complaint”), which was filed on March 14, 2007 in the United States District Court for the Northern District of California, alleges that certain executives and board members of Zoran Corporation (‘Zoran” or the “Company”), between at least 1997 and 2006, breached their fiduciary duties to the Company and its shareholders by improperly backdating grants of Zoran stock options to Zoran executives and directors. The Order, which is available at www.seattleclassaction.com, holds that Plaintiff succeeded in pleading that demand on the Zoran Board was excused under applicable Delaware law. The order further holds that Plaintiff successfully pled his claims for Section 14(a) violations, for breach of fiduciary duty based on the granting of backdated stock options and for insider trading, corporate waste and unjust enrichment under Delaware state law. Plaintiff also successfully pled claims under Section 10(b) against defendants Gerzberg and Schneider. The Court denied certain other federal and state law claims. The Court held that Plaintiff had adequately alleged that a number of option grants made by Zoran were backdated and that claims regarding such grants made in 2001 or later were not barred by the statute of limitations. The Court held, however, that the present Plaintiff lacked standing to bring claims regarding grants made before he acquired his stock. The order also requires Plaintiff to amend certain elements of his Complaint by June 19, 2006, to conform to the Judge’s order.
If you are a Zoran shareholder, and wish to discuss this case, you may contact any member of our team: paralegal Rodney Shanks or attorneys Juli Farris, Elizabeth Leland, Tyler Farmer or Lynn Sarko, toll-free at 1-800-776-6044, via e-mail at [email protected], or online at www.seattleclassaction.com.
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.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca