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In re Juniper Networks Litigation
USDC ND California
Option Timing
Background
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 Company
background
Litigation
background
- USDC ND
California (San Jose) 06-cv-04327-JW
- In re Juniper Networks Litigation
Lead
plaintiffs
- New York City Pension Funds
SEC
disclosure
- Form 10-Q 8.08.08 At page 27
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
Companys 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.
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Claims
SEC_CODE_REF_0090001192884
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Complaint
Answer
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Motion to
Dismiss Granted in part and denied in part
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Motion
to dismiss
Order
- In re Juniper Networks, Inc. Sec. Litig., 542 F. Supp. 2d 1037
(N.D. Cal. 2008)
- The Court GRANTS in part and DENIES in part
Defendants Motion to Dismiss as follows:
(1) Plaintiffs First Cause of Action for securities fraud under 10(b) against
Defendant Sindhu is DISMISSED with leave to amend
(2) Plaintiffs 10(b) claim is DISMISSED with prejudice as time-barred to the
extent it is based on representations made prior to 7.14.01
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Counsel
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Lead
plaintiff
Company
defense
Ernst
& Young defense
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Related Topics
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