....and, not to be outdone, we present the incredible shrinking CSCO...
Monday December 10 5:37 PM ET
Cisco Has Cut 5,300 of 6,000 Targeted Jobs
CHICAGO (Reuters) - Networking giant Cisco Systems Inc. (Nasdaq:CSCO - news) has cut about 5,300 of a planned 6,000 regular jobs, the networking giant said on Monday in documents filed with the U.S. Securities and Exchange Commission (news - web sites) (SEC).
The job cuts had been made as of Oct. 27, the end of its fiscal first quarter, Cisco said in its quarterly filing.
The San Jose, California-based maker of routers and switches that manage Internet traffic said in April it would cut 8,500 jobs, 6,000 of which would be from its regular work force and the rest contract workers. It made those cuts because of the slowing economy and flagging telecommunications capital spending.
Cisco's stock fell 42 cents to close at $20.74 on the Nasdaq.
Cisco also disclosed in the filing that since April 20 a number of shareholder class-action lawsuits have been filed in U.S. District Court in California, charging Cisco executives made false and misleading statements about business prospects. The suits seek to represent people who bought Cisco stock between Aug. 10, 1999 and April 16, 2001.
The company added several shareholder derivative lawsuits have been filed since April 23 in several courts in California, charging directors and executives with breach of fiduciary duty, waste of corporate assets, mismanagement and unjust enrichment.
Cisco said in the SEC documents the claims are without merit and it will defend itself vigorously. |
