Monday, September 18, 2006

Sycamore to Restate 2003-05 Results due to Stock Option Grants

Following its internal investigation into its stock option grants, Sycamore Networks reached a preliminary conclusion that the appropriate measurement dates for financial accounting purposes of certain stock option grants differ from the recorded grant dates of such awards.



Sycamore now plans to restate historical financial statements for 2003 to 2005 to record additional non-cash charges for stock-based compensation expense related to past option grants. The company has not yet determined the aggregate amount of additional non-cash charges for stock-based compensation expense, nor has it determined the resulting tax impact, if any, or which specific periods require restatement.

http://www.sycamorenet.com

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