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Posted by / 21-Sep-2019 06:26

Patel foundry networks options backdating

Juniper made five acquisitions in 2005, mostly of startups with deal values ranging from .7 to 7 million.It acquired application-acceleration vendor Redline Networks, VOIP company Kagoor Networks, as well as wide area network (WAN) company Peribit Networks.The company develops and markets networking products, including routers, switches, network management software, network security products, and software-defined networking technology.The company was founded in 1996 by Pradeep Sindhu, with Scott Kriens as the first CEO, who remained until September 2008.Foundry’s decision to keep two central players despite acknowledging their roles in the options abuses is both rare and risky, said Todd Fernandez, senior research analyst for Glass Lewis, which advises institutional investors on corporate governance issues.Most companies have fired or forced out implicated executives and directors, he said. “The board is saying, `These guys were immersed in something highly questionable and fumbled accounting 101, yet let’s give them another shot because they just didn’t know what they were doing.'” Among the key findings of the investigation by the company, which also faces investigations by the Securities and Exchange Commission and Justice Department: The company doled out backdated options to people at all levels of the company, including the board, top executives, new recruits and other employees.Heffner, who resigned as CFO but will serve as vice president of corporate development, did not pick the dates for option grants but relayed the decisions to stock option administrators and human resources.Heffner received tainted grants and has agreed to repay tainted gains on options he has exercised and reprice options he still holds. The company will reprice one grant of discounted options awarded to directors.

Foundry, which makes computer networking hardware, also stripped Timothy D. But it shifted him into a new executive job that has no accounting or financial responsibilities.Kriens has been credited with much of Juniper's early market success.It received several rounds of funding from venture capitalists and telecommunications companies before going public in 1999.The Santa Clara company said Johnson was not advised that such practices could violate accounting rules and cause the company to overstate its profits.Foundry said Monday it faces a pretax accounting charge that could mount to as much as 5 million because of misdated options it gave directors, officers and rank-and-file employees from 2000 to 2003.

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The company will take a pretax accounting charge of $185 million to $205 million in fiscal years 1999 through 2005.