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Options Scandal Leads To $900M Restatement

Law360 (December 21, 2006, 12:00 AM EST) -- After a seven-month investigation into allegations of options backdating, telecommunications equipment provider Juniper Inc. has revised its earnings statements to the tune of $900 million.

The restatement, one of the largest to come out of the options backdating scandal, covers the period from 1999 to 2003. In a report compiled by the internal audit team, the inaccurate financial statements are blamed on unnamed former executives.

Juniper CEO Scott Kriens apologized for the massive earnings revision.

“As the leader of this company, I would like to express...
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