LOS ANGELES, Sept. 8, 2006 (PRIMEZONE) -- Glancy Binkow & Goldberg LLP - representing shareholders of Juniper Networks, Inc. - announces 7 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased the common stock of Juniper Networks, Inc. ("Juniper" or the "Company")(Nasdaq:JNPR) between April 10, 2003 and August 10, 2006 (the "Class Period"), may move the Court not later than September 15, 2006, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Juniper and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning Juniper's business and financial performance caused the Company's stock price to become artificially inflated, inflicting damages on investors. Juniper designs and sells products and services that provide its customers with Internet protocol networking solutions primarily in the United States. The Complaint alleges that stock options awarded to Juniper's executives were priced at below the stock's fair market value which resulted in executives receiving an instant gain. In May 2006, the investing public slowly started to learn the truth when the Center of Financial Research and Analysis profiled Juniper as a "high-risk" company with possible backdating of options. A few days later, an analyst from JP Morgan issued a report suggesting that Juniper's dating of its options were suspicious. By the end of that trading week, the stock cumulatively fell nearly 11%.
On May 22, 2006, Juniper announced that it had received a request for information from the U.S. Attorney for the Eastern District of New York related to its stock option grant practices. The Company also announced that its audit committee was reviewing historical stock option granting practices. In response to these revelations, the stock fell an additional 15%.
On August 10, 2006, after the market closed, the Company revealed that its audit committee concluded "that the actual measurement dates for financial accounting purposes of certain stock option grants issued in the past differ from the recorded grant dates of such awards." The next day, August 11, 2006, Juniper stock fell nearly 5.4%, and closed at $12.20, reaching a new low.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than September 15, 2006, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.