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Juniper Networks, Inc. Summary: According to the Company’s Form 10-Q for the quarterly period ended June 30, 2008, on July 14, 2006 and August 29, 2006, two purported class actions were filed in the Northern District of California against the Company and certain of the Company’s current and former officers and directors. On November 20, 2006, the Court consolidated the two actions as In re Juniper Networks, Inc. Securities Litigation, No. C06-04327-JW, and appointed the New York City Pension Funds as lead plaintiffs. The lead plaintiffs filed a Consolidated Class Action Complaint on January 12, 2007, and filed an Amended Consolidated Class Action Complaint on April 9, 2007. The Amended Consolidated Complaint alleges that the defendants violated federal securities laws by manipulating stock option grant dates to coincide with low stock prices and issuing false and misleading statements including, among others, incorrect financial statements due to the improper accounting of stock option grants. The Amended Consolidated Complaint asserts claims for violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 on behalf of all persons who purchased or otherwise acquired Juniper Networks’ publicly traded securities from July 12, 2001, through and including August 10, 2006. On June 7, 2007, the defendants filed a motion to dismiss certain of the claims, and a hearing was held on September 10, 2007. On March 31, 2008, the Court issued an order granting in part and denying in part the defendants’ motion to dismiss. The order dismissed with prejudice plaintiffs’ section 10(b) claim to the extent it was based on challenged statements made before July 14, 2001. The order also dismissed, with leave to amend plaintiffs’ section 10(b) claim against Pradeep Sindhu. The order upheld all of plaintiffs’ remaining claims. The order gave plaintiffs until May 1, 2008, to file an amended complaint. Plaintiffs chose not to amend their complaint. Defendants filed their answer on June 23, 2008.
The original complaint charges Juniper Networks and its top executive officers and directors violated the federal securities laws by failing to account properly for stock options made to Juniper Networks employees. The complaint charges that Juniper Networks improperly expensed stock options, thereby falsely inflating the company's reported financial performance.
INDUSTRY CLASSIFICATION:
SIC Code: 3576
Sector: Technology
Industry: Computer Networks
| COMPANY/ISSUER NAME: | Juniper Networks, Inc. |
| COMPANY/ISSUER TICKER: | JNPR |
| COMPANY WEBSITE: | http://www.juniper.net |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Robert L. Garber, et al. v. Juniper Networks, Inc., et al. | |||||||||||||||||
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| REFERENCE COMPLAINT | |||||||||||||||||
| In Re: Juniper Networks, Inc. Securities Litigation | |||||||||||||||||
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| OTHER DOCUMENTS | |||
| Shareholder Derivative Complaint | |||
| Case Name and/or Number: Timothy W. Hill, et al. v. Juniper Networks, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/24/2006 | ||
| U.S. District Court Civil Docket | |||
| Case Name and/or Number: Hill, et al. v. Gani, et al. | |||
| Type: Docket | Date on the document: 07/17/2006 | ||
| Verified Shareholder Derivative Complaint For Violation Of The Federal Securities Laws And State Law Claims For Breach Of Fiduciary Duty, Abuse Of Control, Constructive Fraud, Corporate Waste, Unjust Enrichment, Gross Mismanagement, Action For Accounting And Violation Of California Corporations Code – Demand For Jury Trial | |||
| Case Name and/or Number: Indiana State District Council of Laborers and HOD Carriers Pension Fund, et al. v. Kriens, et al. | |||
| Type: Complaint | Date on the document: 08/03/2006 | ||
| Federal Securities Class Action Complaint | |||
| Case Name and/or Number: John Anderson, et al. v. Juniper Networks, Inc., et al. | |||
| Type: Complaint | Date on the document: 08/18/2006 | ||
| Order Consolidating Related Derivative Cases And Appointing Lead Plaintiffs And Lead Counsel | |||
| Case Name and/or Number: In Re: Juniper Networks, Inc. Securities Litigation | |||
| Type: Order | Date on the document: 04/30/2007 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Marilyn Vardano, et al. v. Juniper Networks, Inc., et al. | |||
| Type: Complaint | Date on the document: 07/25/2007 | ||
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