San Diego, CA -- (SBWIRE) -- 06/05/2012 -- An investigation on behalf of current investors in NetApp Inc. (NASDAQ:NTAP) shares over potential breaches of fiduciary duties by certain officers and directors at NetApp Inc. in connection with certain financial statements was announced.
Investors who purchased shares of NetApp Inc. (NASDAQ:NTAP) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether certain of officers and directors of NetApp Inc. breached their fiduciary duties owed to NASDAQ:NTAP stockholders. Specifically, the investigation concerns whether certain statements about NetApp’s business, its prospects and its operations were potentially materially false and misleading at the time they were made.
NetApp Inc. (NASDAQ:NTAP) reported that its Total Revenue rose from $3.4billion for the 52weeks period ending on April 24, 2009 to $6.23billion for the 52weeks period ending on April 27, 2012.
Shares of NetApp Inc. (NASDAQ:NTAP) grew from as low as $12.90 in March 2009 to as high as $60.60 per share in February 2011.
In March, 2012, NetApp said that media reports starting in November 2011 have asserted that certain of its products were delivered to Syria through a third party vendor possibly in violation of U.S. export-control laws. NetApp’s said that it has publicly stated that it condemns any illegal shipments of its products to Syria, notified Commerce Department’s Bureau of Industry and Security of an internal review it is conducting
NetApps further said that it is aware that three U.S. senators have sent letters to the departments of Commerce and State requesting an investigation into how NetApp’s products came into the possession of the Syrian government and asking that certain penalties be considered, such as suspension or debarment from conducting business with the U.S. government until the conclusion of a governmental investigation into the matters asserted in the media.
Then on May 23, 2012, after the market closed, NetApp Inc. reported its fourth quarter and fiscal year 2012 results. Among other things, NetApp Inc. also issued its guidance for the first quarter 2013 that was below analysts’ estimates.
Shares of NetApp Inc. (NASDAQ:NTAP) fell from as high as $33.08 per share on May 23, 2012, to $27.84 per share on May 24, 2012.
Those who purchased shares of NetApp Inc. (NASDAQ:NTAP), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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