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Case Status:    SETTLED
On or around 08/31/2010 (Date of order of final judgment)

Filing Date: July 14, 2006

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.

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.

On January 23, 2009, the defendants filed a motion for summary judgment which was denied as premature by a February 4, 2009 order. On February 12, 2009, the lead plaintiffs filed a motion for partial summary judgment against Defendant Juniper Networks, Inc. On February 20, 2009, Judge James Ware denied the plaintiffs' motion for partial summary judgment as premature.

On September 25, 2009, the Court certified a plaintiff class consisting of all persons and entities who purchased or otherwise acquired the Company’s securities from July 11, 2003 to August 10, 2006 inclusive.

According to an article dated February 10, 2010, Juniper Networks Inc. has agreed to pay $169 million to settle a 4-year-old lawsuit over mishandled stock options. … The settlement was reached this week by lawyers for Juniper and the lead plaintiff, a group of New York City pension funds that had invested in Juniper.

On March 31 and April 5, 2010, the plaintiff filed a motion for preliminary approval of the class action settlement. On April 12, 2010, Judge Ware preliminarily approved the settlement. On April 27, 2010, an Amended Stipulation of Settlement was filed, amending the settlement to include settlement with defendant Ernst & Young LLP for an additional $500,000. On May 12, 2010, the settlement was again preliminarily approved. The Final Settlement Hearing was set for August 30, 2010. On August 31, 2010, Judge James Ware approved the settlement, granted the motion for attorney fees, and dismissed the case with prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Networks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: JNPR
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 06-CV-04327
JUDGE: Hon. Martin J. Jenkins
DATE FILED: 07/14/2006
CLASS PERIOD START: 09/01/2003
CLASS PERIOD END: 05/22/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Alexander, Hawes & Audet LLP
    221 Main Street, Suite 1460, Alexander, Hawes & Audet LLP, CA 94105
    415.982.1776 415.576.1776 · info@alexanderlaw.com
  2. Cotchett Pitre & Simon
    San Francisco Airport Office Center, 840 Malcolm Road, Suite 200, Cotchett Pitre & Simon, CA 94010
    650.697.6000 ·
  3. Gardy & Notis, LLP (NJ)
    440 Sylvan Avenue, Gardy & Notis, LLP (NJ), NJ 07632
    201-567-7377 201-567-7337 · info@gardylaw.com
  4. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  5. Gold Bennett Cera & Sidener LLP
    595 Market Street, Suite 2300, Gold Bennett Cera & Sidener LLP, CA 94105-2835
    800.778.1822 415.777.5189 · info@gbcsf.com
  6. Law Offices of Alfred G. Yates
    519 Alleghany Bldg., 429 Forbes Avenue, Law Offices of Alfred G. Yates, PA 15219
    412.391.5164 ·
  7. Schubert & Reed LLP
    Two Embarcadero Center, Suite 1050, Schubert & Reed LLP, CA 94111
    415.788.4220 415.788.0161 · mail@schubert-reed.com
  8. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 06-CV-04327
JUDGE: Hon. Martin J. Jenkins
DATE FILED: 04/09/2007
CLASS PERIOD START: 07/12/2001
CLASS PERIOD END: 08/10/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
No Document Title Filing Date
No Document Title Filing Date