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July 20, 2006

F5 Networks to restate five years of results

Posted by Kristi Heim at 2:21 PM

F5 Networks will restate its financial results from 2001 through the first two quarters of 2006 in light of an investigation into its stock options compensation practices, the company disclosed this afternoon.

F5 said financial statements for periods starting Oct. 1, 2000, "should no longer be relied upon." F5, one of the companies named in a federal investigation into the timing of stock-option grants, has received inquiries from the U.S. attorney in New York and the Securities and Exchange Commission (SEC) seeking details on how they grant stock options to executives. F5 is also facing three shareholder lawsuits alleging its top executives and directors defrauded the company and its shareholders by receiving millions of improperly backdated stock options.

The company also said a special committee of F5 board members would not complete its review in time to publish financial statements for the third quarter, ended June 30, by the SEC deadline of Aug. 14.

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