Shareholders Drop Derivative Suit Against NetApp

Law360, New York (June 26, 2007, 12:00 AM EDT) -- Network Appliance Inc. shareholders have voluntarily dismissed their derivative suit against the technology company's top officers after an internal investigation found no evidence of stock option backdating.

Lead plaintiffs South Eastern Transportation Authority and Ting Chou decided not to pursue the suit following a presentation by NetApp's counsel concerning the internal investigation. U.S. District Judge James Ware of the Northern District of California approved the case dismissal Monday.

NetApp shareholders, through two derivative suits which were consolidated, had accused members of the company's directors and executive...
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