Patel foundry networks options backdating


31-Oct-2019 21:23

Foundry’s case is noteworthy because of the similarities to the high-profile case involving Apple CEO Steve Jobs.Though Apple acknowledges that Jobs recommended favorable grant dates, the company said he did not understand the accounting implications. But Apple said he did not benefit from the options, which he later exchanged for restricted stock.Heffner, who resigned as CFO but will serve as vice president of corporate development, did not pick the dates for option grants but relayed the decisions to stock option administrators and human resources.Heffner received tainted grants and has agreed to repay tainted gains on options he has exercised and reprice options he still holds. The company will reprice one grant of discounted options awarded to directors.Foundry Networks said Monday that Chairman and Chief Executive Bobby Johnson Jr.will surrender his role as chairman – but will stay on the board and continue to run the company – even though he personally picked the dates for a “substantial” number of tainted stock options.A European headquarters was established in the United Kingdom and an Asia-Pacific headquarters in Hong Kong.A subsidiary was created in Japan According to Business Week, "analysts unanimously agree[d] that Juniper's boxes [were] technically superior to Cisco's because the hardware does most of the data processing.

Sindhu wanted to create data packet-based routers that were optimized for Internet traffic (packet switching), whereby the routing and transferring of data occurs "by means of addressed packets so that a channel is occupied during the transmission of the packet only, and upon completion of the transmission the channel is made available for the transfer of other traffic." Juniper Networks signed agreements with Alcatel and Ericsson to distribute the M40 internationally.

Both companies made exaggerated marketing claims; Juniper promoted its products as stable enough to make IT staff bored and Cisco announced lab tests from Light Reading proved its products were superior to Juniper, whereas the publication itself reached the opposite conclusion.



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