Shareholders claim stock prices were harmed by the executives' financial shenanigans, which falsely depressed their companies' expenses and inflated their profits.The settlement was reached this week by lawyers for Juniper and the lead plaintiff, a group of New York City pension funds that had invested in Juniper.New York City Comptroller John Liu said the settlement signals that executives can't "play by their own rules behind closed doors." The settlement must be approved by a federal judge in San Jose. In 2007, Juniper settled Securities and Exchange Commission charges over its options practices.The company did not admit wrongdoing and did not have to pay a fine.Jim Treacy, Former President/COO Monster Worldwide, spent 20+ years at the pinnacle of Corporate America.Known for bringing order to chaos, Jim's ability to think strategically and make it happen operationally placed him at the heart of headline-making IPOs, acquisitions and restructures.
The SEC accused Berry of backdating most Juniper options grants from mid-1999 to mid-2003, and created records of meetings that never occurred, during which the options were supposedly approved.
Berry was charged by the SEC for her role in Juniper's options practices as well as at her previous employer, KLA-Tencor Corp., where she held the same job. Berry's lawyer referred inquiries to Juniper's outside counsel, who did not return calls.
His track record for value creation draws entrepreneurs and corporations seeking his advice.
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The penalty is huge for Juniper - it's more than half the network-equipment company's total profits from last year - and represents one of the biggest settlements of its kind.
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A furor over "backdating," which refers to an accounting practice in which the dates and amounts on employee stock-option awards are changed to boost the recipients' windfalls, erupted about five years ago, leading to investigations of dozens of companies, criminal charges against executives, and numerous shareholder lawsuits.