Thursday, September 21, 2006

Foundry to Restate Financials Due to Stock Options

Following its internal investigation, Foundry Networks has concluded that actual accounting measurement dates for certain stock option grants awarded during the years 2000-2003 differ from recorded grant dates for such awards. Therefore, Foundry expects to restate historical financial statements to record additional non-cash charges for stock-based compensation expense related to past option grants. The company could not say the amount of such charges, although it believes the charges will be material.

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