NEW YORK, Aug. 31, 2006 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") announces that the class period in the class action against Juniper Networks, Inc. ("Juniper" or the "Company") (Nasdaq:JNPR) has been extended. Pomerantz has filed a class action lawsuit in the United States District Court Northern District of California against the company and certain officers, on behalf of purchasers of the common stock of the Company during the extended class period from April 10, 2003 - August 10, 2006 (the "Class Period"). The complaint alleges violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder.
Juniper is a Delaware corporation which maintains its principal executive office in California. The company designs and sells products and services that together provide its customers with Internet protocol (IP) network solutions. 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 ("CFRA") profiled Juniper as a "high-risk" company with possible backdating of options. A few days afterwards, 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 past differ from the recorded grant dates of such awards." On August 11, 2006, Juniper stock fell close to 5.4%, and closed at $12.20, reaching a new low.
If you purchased the securities of Juniper during the Class Period, you have until September 15, 2006 to ask the Court to appoint you as lead plaintiff for the Class. Lead plaintiffs must meet certain legal requirements. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Teresa L. Webb (tlwebb@pomlaw.com) or Carolyn S. Moskowitz (csmoskowitz@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, which has offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. For more information about the Firm, visit our web site at www.pomlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca