$169.5 Million Settlement of Options Backdating Fraud Litigation Against Juniper Networks and Others Led By New York City pension funds Preliminarily Approved
Case Abstract
On April 12, 2010, the Honorable James Ware, District Court Judge for the Northern District of California, granted preliminary approval of a $169 million settlement class action with Juniper Networks, Inc. and certain of its present or former officers for backdating grants of stock options to corporate insiders, and inflating the Company’s financial statements by failing to record compensation charges associated with the options grants over a several-year period, resulting in a $900 million restatement, the third largest related to such options granting practices.
On May 12, 2010, the Court preliminarily approved a $500,000 settlement with Juniper’s outside auditor, Ernst & Young LLP, relating to its audit of Juniper’s financial statements used in connection with the Company’s merger with NetScreen Technologies, Inc.
Barbara Hart and David Harrison led the team of attorneys that litigated this case over three and one-half years.
Client A group of major municipal pension funds.
Case Name In re Juniper Networks, Inc. Securities Litigation, No. C06-04327 (N.D. Cal.) (U.S. District Judge James Ware).
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