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By | Christopher Williams 30th October 2006 11:30

NetApp faces shareholder backdating suit

Vigilante accounts scrutiny

Despite thus far escaping the SEC's ire, NetApp announced Friday that its own shareholders had filed a suit against the firm over backdating of stock options.

In a statement NetApp rubbished the lawsuit's claims of improper timing of stock grants. It said: "Management believes the lawsuit to be completely frivolous and without merit."

NetApp CEO Dan Warmenhoven has been a lone public Silicon Valley voice against the SEC investigation, apparently confident that his firm would not become embroiled in the scandal after an internal probe.

NetApp reaffirmed that its accounts are clean. It said: "Management is confident that the record will support the company's determination that no backdating of stock options occurred."

The identity of the plaintiff and the amount of the claim were not disclosed. ®

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