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In two instances, the three directors executed approvals that were backdated for employees and, a short time later, again executed a consent for backdated options for the same employees, but with different “as of” dates to take advantage of a share price drop.
In essence, the complaint alleges that the directors simply went along with management.
Here, an action was brought against Sycamore Networks, an optical networking company, its former CFO, Frances M. The complaint alleged that between 20 Sycamore used backdated options to compensate employees without properly accounting for about 0 million in related expenses.
Those red flags, which are the predicate for the directors’ liability, included approving grants which were “as of” date which preceded the time the three directors executed the approval papers.
By the end of the first day as a publicly traded company, Juniper's stock rose to .88, a 190 percent single-day jump that increased the company's market capitalization to just below .9 billion, the highest first-day valuation for a technology company, according to Securities Data Corp.
Juniper maintained market momentum by rapidly delivering new products based on successful M40 design.
This resulted in materially false disclosure and overstated net income at KLA and Juniper. According to the Commission, that cooperation consisted of: 1) conducting an internal investigation; 2) disclosing the findings and conclusions of that inquiry in a Form 8-K; 3) sharing the facts uncovered with the government; and 4) adopting extensive remedial actions. This option backdating case was brought against Nancy M.
Option backdating cases have been a focus of enforcement in recent years. Jewels, former Director of Financial Operations Cheryl E. Between October 1999 and July 2002 defendants repeatedly backdated option grants, providing themselves and employees with options with prices at which they could purchase shares which were lower than the market price at the time the options actually were granted. 15, 2008) is another example of a settled options backdating case.
To settle the action, each defendant consented to the entry of a permanent injunction prohibiting future violations of the antifraud, proxy and reporting provisions of the federal securities laws.
In addition, each defendant consented to the entry of an order requiring that they pay a civil penalty of 0,000.