Juniper Networks Inc. has agreed to pay $169 million to settle a class-action civil suit related to stock-options backdating, the Associated Press reported last night.
The deal, negotiated with New York City pension funds as the lead plaintiff, closes the shareholder lawsuits that started in 2006. The settlement is awaiting approval by a federal judge in San Jose, Calif., the AP reports.
Options backdating had also gotten Juniper in trouble with the Securities and Exchange Commission (SEC). Juniper settled that case in 2007, paying no fines.
(See Juniper Settles, SEC Charges.)
Juniper discovered the backdating in 2006 and ended up restating earnings going back to 2002. (See Juniper Dusts Off Its Eraser, Backdating Could Bite Juniper Execs, and Juniper Catches Up, Writes Down.)
â€” Craig Matsumoto, West Coast Editor, Light Reading