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Foundry Sculpts a Return to Compliance

After stock-option dating problems, its filing of the 2006 10-K, two quarterlies, allows it to keep its listing on Nasdaq.
Stephen Taub, | US
June 27, 2007

Foundry Networks Inc.'s June 14 filing of its 2006 10-K and two quarterly reports has returned the Santa Clara, Calif.-based networking equipment company to compliance with Nasdaq market rules.

The networking equipment company said that it is once again in compliance with Nasdaq Stock Market rules after its recent filing of its 2006 annual report and three recent quarter reports.

"Nasdaq's review of Foundry's listing status has now been closed," the company stated in a press release, allowing Foundry's common stock to continue being listed on the Nasdaq Global Select Market. Foundry's compliance problems had stemmed from its stock options granting practices. In January, the audit committee completed a review, proposing corrections

In January, Timothy Heffner was demoted from CFO to vice president of corporate development, following an internal investigation of the company's process for issuing stock options.