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Redback Networks Inc

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BUSINESS
May 22, 2001 | Reuters
Internet infrastructure provider Redback Networks Inc. said its President and Chief Executive Vivek Ragavan has resigned to pursue other opportunities, the second CEO the company has had since its founding in 1996. Chairman Pierre Lamond will be interim CEO. The company warned early last month that it would post a first-quarter loss and lay off 150 employees, or 12% of its work force. Shares of San Jose-based Redback closed up $1.01 at $19 on Nasdaq before the announcement was made.
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BUSINESS
November 4, 2003 | From Bloomberg News
Redback Networks Inc., which makes equipment used to deliver high-speed Internet service, filed for bankruptcy protection, seeking to execute a recovery plan that almost all of the company's bondholders had agreed to support. Redback listed $591.7 million in assets and $652.9 million in debt in Chapter 11 papers filed in U.S. Bankruptcy Court in Wilmington, Del. Under the company's prepackaged reorganization plan, holders of the company's $467.
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BUSINESS
November 4, 2003 | From Bloomberg News
Redback Networks Inc., which makes equipment used to deliver high-speed Internet service, filed for bankruptcy protection, seeking to execute a recovery plan that almost all of the company's bondholders had agreed to support. Redback listed $591.7 million in assets and $652.9 million in debt in Chapter 11 papers filed in U.S. Bankruptcy Court in Wilmington, Del. Under the company's prepackaged reorganization plan, holders of the company's $467.
BUSINESS
July 18, 2001 | From Bloomberg News
Wells Fargo & Co. on Tuesday reported a second-quarter loss after taking $1.16 billion in charges, mainly tied to venture capital losses in technology and telecommunications investments. The San Francisco-based bank had a loss of $87 million, or 5 cents a share, compared with earnings of $1.04 billion, or 61 cents a share, in the second quarter of 2000. Wells Fargo joins other U.S. banks, including J.P. Morgan Chase & Co., that face losses from venture capital investments. J.P.
BUSINESS
February 25, 2000 | Bloomberg News, Times Staff
Redback Networks Inc. shares gained 11% on Thursday, rallying for the second day after an analyst said the networking equipment maker will complete its acquisition of Siara Systems Inc. earlier than expected. Redback (ticker symbol: RBAK) soared $25.25 to $262.25 on Nasdaq after a 7% climb Wednesday and now is up 22-fold since the Sunnyvale, Calif.-based company first sold stock to the public in May. Brean Murray & Co.
BUSINESS
March 9, 2000 | Reuters, Bridge News
High-speed Internet access-equipment firm Redback Networks Inc. (RBAK) said its board approved a 2-for-1 stock split payable April 3 to shareholders of record March 20. Redback, whose shares have risen 28-fold since the company went public in May, slipped $14.69 to $327.69 on Wednesday in Nasdaq trading, though it rallied to $346.94 after hours. . . . T. Rowe Price Associates Inc. said it will close its $1.2-billion small-cap International Discovery Fund to new investors as of Monday.
BUSINESS
June 28, 2001 | Bloomberg News
Redback Networks Inc. said its second-quarter loss will be much deeper than forecast because phone and Internet companies trimmed orders for its networking equipment. Its shares dropped 33% in extended trading on the news, after closing up 81 cents at $11.31 on Nasdaq. San Jose-based Redback said it will have an operating loss of 27 cents to 32 cents a share for the quarter ending Saturday, with much lower-than-expected sales of $55 million to $60 million.
BUSINESS
March 6, 2001 | Bloomberg News
Juniper Networks Inc. and Redback Networks Inc., two upstart makers of computer-networking gear challenging Cisco Systems Inc., have informally discussed merging, a Juniper director said. The talks broke off two weeks ago, said Richard Kramlich, a co-founder and general partner of New Enterprise Associates, which invested in Juniper before it went public in June 1999. Kramlich said he didn't know the details of the discussions.
BUSINESS
July 18, 2001 | From Bloomberg News
Wells Fargo & Co. on Tuesday reported a second-quarter loss after taking $1.16 billion in charges, mainly tied to venture capital losses in technology and telecommunications investments. The San Francisco-based bank had a loss of $87 million, or 5 cents a share, compared with earnings of $1.04 billion, or 61 cents a share, in the second quarter of 2000. Wells Fargo joins other U.S. banks, including J.P. Morgan Chase & Co., that face losses from venture capital investments. J.P.
BUSINESS
December 20, 2006 | From Bloomberg News
Ericsson agreed to buy San Jose-based Redback Networks Inc. for $2.1 billion, accelerating competition with Cisco Systems Inc. in the market for Internet routers. The price of $25 a share represents an 18% premium to Redback's Tuesday closing price of $21.17. Redback will retain its management team and operate as a unit of Stockholm-based Ericsson, which is the world's largest maker of wireless-network equipment.
BUSINESS
June 28, 2001 | Bloomberg News
Redback Networks Inc. said its second-quarter loss will be much deeper than forecast because phone and Internet companies trimmed orders for its networking equipment. Its shares dropped 33% in extended trading on the news, after closing up 81 cents at $11.31 on Nasdaq. San Jose-based Redback said it will have an operating loss of 27 cents to 32 cents a share for the quarter ending Saturday, with much lower-than-expected sales of $55 million to $60 million.
BUSINESS
May 22, 2001 | Reuters
Internet infrastructure provider Redback Networks Inc. said its President and Chief Executive Vivek Ragavan has resigned to pursue other opportunities, the second CEO the company has had since its founding in 1996. Chairman Pierre Lamond will be interim CEO. The company warned early last month that it would post a first-quarter loss and lay off 150 employees, or 12% of its work force. Shares of San Jose-based Redback closed up $1.01 at $19 on Nasdaq before the announcement was made.
BUSINESS
March 6, 2001 | Bloomberg News
Juniper Networks Inc. and Redback Networks Inc., two upstart makers of computer-networking gear challenging Cisco Systems Inc., have informally discussed merging, a Juniper director said. The talks broke off two weeks ago, said Richard Kramlich, a co-founder and general partner of New Enterprise Associates, which invested in Juniper before it went public in June 1999. Kramlich said he didn't know the details of the discussions.
BUSINESS
March 9, 2000 | Reuters, Bridge News
High-speed Internet access-equipment firm Redback Networks Inc. (RBAK) said its board approved a 2-for-1 stock split payable April 3 to shareholders of record March 20. Redback, whose shares have risen 28-fold since the company went public in May, slipped $14.69 to $327.69 on Wednesday in Nasdaq trading, though it rallied to $346.94 after hours. . . . T. Rowe Price Associates Inc. said it will close its $1.2-billion small-cap International Discovery Fund to new investors as of Monday.
BUSINESS
February 25, 2000 | Bloomberg News, Times Staff
Redback Networks Inc. shares gained 11% on Thursday, rallying for the second day after an analyst said the networking equipment maker will complete its acquisition of Siara Systems Inc. earlier than expected. Redback (ticker symbol: RBAK) soared $25.25 to $262.25 on Nasdaq after a 7% climb Wednesday and now is up 22-fold since the Sunnyvale, Calif.-based company first sold stock to the public in May. Brean Murray & Co.
BUSINESS
July 25, 2006 | From Bloomberg News
A former analyst of defunct brokerage Robertson Stephens must pay almost $2 million for omitting from research reports key facts about his own stock holdings, a judge ruled Monday. A federal jury in New York last year found that Paul Johnson deceived investors in 1999 and 2000 by issuing research reports that didn't disclose his stake in companies he was recommending. U.S. District Judge John Keenan ordered Johnson to pay $1.99 million, less than half the $4.
BUSINESS
December 27, 2000 | From Bloomberg News
Shares of Irvine communications chip maker Broadcom Corp. and others in its field fell Tuesday amid concern the makers of gear for fast Internet service may miss profit forecasts for the fourth and first quarters, analysts said. Broadcom, the top maker of chips for cable modems, fell 11% during trading but recouped most of it to end the day at $92.50, a loss of $1.69 a share. The company's stock has lost 32% of its value this year. Redback Networks Inc.
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