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December 21, 2006

Juniper faces $900m charges for stock-option fiddle

Juniper Networks Inc will have to take $900m in non-cash charges for a massive stock options fiddle, but said former unnamed managers were responsible and no one currently employed will take any blame.

By CBR Staff Writer

An investigation by a special committee Sunnyvale, California-based Juniper found that the actual measurement dates of numerous stock option grants issued in the past differed from the recorded grant dates. It said there were numerous instances in which grant dates were chosen with the benefit of hindsight as to the price of the company’s stock, so as to give favorable prices.

The committee said it identified serious concerns regarding certain former management.

CEO Scott Kriens, received two stock option awards with measurement date issues but it said that both were canceled unexercised in 2001 and he had not exercised any stock options since 1998.

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