May 31, 3012 (Update) -- 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. NetApps said that it has publicly stated that it condemns any illegal shipments of its products to Syria, notified Commerce Departments 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 NetApps 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.

Feb. 22, 2011 (Shareholders Foundation) -- An investigation on behalf of investors in shares of NetApp Inc. (NASDAQ:NTAP) over possible violations of Federal Securities Laws by NetApp Inc. and others in connection with its fourth quarter 2011 guidance was announced.

The investigation by a law firm focuses on potential violations of the federal securities laws by certain statements regarding its financial performance. Sunnyvale, California based NetApps 12months Total Revenue rose from $2.804billion reported on April 27, 2007 to $3.931billion reported on April 30, 2010. Its Net Income rose over the same time frame from $297.74million to $400.40million.
Shares of NetApp Inc. (Public, NASDAQ:NTAP) traded during 2006 as high as $41 per share and then fell to $12.80 per share in November 2008. Since then NTAP shares have increased to $60.60 on February 11, 2011. Then on February 16, 2011, after the close of trading, NetApp disclosed, among other things, fourth quarter 2011 guidance (ending April 30, 2011). For the fourth fiscal quarter, NetApp stated it expects revenue of $1.38 billion, plus or minus 2%. Analysts were expecting $1.37 billion for the quarter. Earnings are expected to come in the range of 49 cents to 53 cents a share.
In response to the announcement shares of NetApp (NASDAQ: NTAP) dropped during Thursday to $52.24 and closed Friday at $53.05 per share.