Juniper to restate past results
Internal probe turns up discrepancies
Computer network router maker Juniper Networks will restate past results
after an internal probe into its expensing of stock options turned up
discrepancies.
It has not yet decided which financial periods will be restated.
Juniper said it had notified the Securities and Exchange Commission that it
missed the deadline to file its 10-Q report for the quarter ended June 30,
adding that it expected to receive a delisting notice from Nasdaq as a result.
Preliminary conclusions from the investigation revealed that the actual
measurement dates of certain stock option grants differ from the recorded dates.
Juniper expects to book additional charges for stock compensation expenses.
Juniper said it would file its quarterly statement and restated financial
reports ‘as soon as practicable’ after its investigation is complete.