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Enough is enough. Despite corporate apologists continuing
to tell the American public that backdated options is something
they don't need to worry about, the public and regulatory mood
is begining to change as the backdated options scandal continues
to grow.
Last week, the CEOs at both McAfee (MFE) and CNET Networks
(CNET) lost their jobs because of the fallout from investigations
over backdating options. To date, both McAfee and CNET have
disclosed: 1) ongoing investigations; 2) restatements; and
3) executive departures.
This is all very troubling for shareholders and it isn't surprising
that shareholder value at these companies has tumbled in wake
of these developments.
Other companies being investigated for backdated options include
Marvell Technologies (MRVL) and Aspen Technologies (ASPN) that
were discussed last week.
Trouble for Shaw Group Investors
The Shaw Group, Inc. (NYSE: SGR) provides consulting, engineering,
construction, remediation, and facilities management services to the
environmental, infrastructure, and homeland security markets
worldwide.
On July 10, 2006, before the opening of trading, the Louisiana-based
Company announced its financial results for the three months ended
May 31, 2006 and disclosed that during the preparation of the
financial statements for the third quarter 2006 (ended May 31, 2006),
management concluded that two errors occurred in the preparation
of Shaw's second quarter financial statements (ended February 28, 2006)
which require restatement of the second quarter results. It is also
alleged that Shaw's CEO sold over 17 million worth of Shaw stock at
inflated prices.
As a result of the Company's announcement, Shaw stock dropped
14% on heavier than usual volume. Investors who purchased Shaw
between January 6, 2006 and July 7, 2006, are affected.
If you are an affected investor in McAfee, CNET Networks, Marvell
Technologies, Aspen Technologies, The Shaw Group or any of the
others companies list below, you may want to contact us at
info@securitiessleuth.com or at 877 511 4717 to discuss your options.
ADVO, Inc. (NYSE:AD)
Affiliated Computer Services (ACS)
CNET Networks (CNET)
F5 Networks Inc. (FFIV)
Jabil Circuit, Inc. (NYSE: JBL)
McAfee Inc. (MFE)
Power Integrations (POWI)
Semtech (SMTC)
The Shaw Group (SGR)
Tier Technologies Inc. (TIERE)
Now with respect to securities cases that have recently settled. If
you are an affected investor - you purchased any of these stocks
during the relevant class period, you may wish to contact the
claims administrator to obtain additional information. Remember,
if you don't submit your claim form, you won't receive your share
of any settlement.
Symbol Technology, Inc. (SBL)
Class Period: March 2, 2000 to October 17, 2002
Claims Deadline: October 31, 2006
Claims Administrator: A.B. Data
Tellium, Inc. (TELM)
Class Period: May 17, 2001 to July 1, 2002
Claims Deadline: October 18, 2006
Claims Administrator: Analytics
Information regarding other recent settled cases, including the cases
listed below can be found at www.securitiessleuth.com.
Imperial Chemical Industries PLC (ICI)
Vistacare, Inc. (VSTA)
ARM Financial Group (ARMGQ)
Carreker Corp. (CANI)
Loewen Group Inc. (LWN)
Razorfish, Inc. (RAZF)
Again you should contact the claims administrator (rather than us).
However, if you are an affected investor in any of the companies
under investigation, you many wish to contact us so that you can
consider your options.
Likewise, if you happen to be aware of corporate restatements or
other financial fraud -- especially if you're a victim -- you're encouraged
to contribute to the Sleuth by giving your own tip-offs at
www.securitiessleuth.com or by e-mailing info@securitiessleuth.com.
You can also call Mark McNair at 877-511-4717. If you have a friend
or colleague you think would benefit from The Sleuth, please pass
along this issue and ask them to sign up at
www.cartville.com/app/join.asp?MerchantID=47994.
Warmest regards,
Mark McNair
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