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Jackson bails as Enterasys faces lawsuit

Jackson bails as Enterasys faces lawsuit

Former Cisco Systems Asia vice-president Gary Jackson will now not join rival Enterasys Networks as the head of Asia-Pacific.

Enterasys has not revealed the reason for Jackson's reversal other than to say the company is still looking for a replacement with the executive search firm Heindrick and Struggles.

And struggles Enterasys has, with a major law firm in the US launching a class-action suit against the company on behalf of people who bought Enterasys securities between September 26, 2001 and February 1.

The allegation is that Enterasys's operating results were materially misrepresented and overstated due to inadequate internal financial control and a lack of full disclosure to the market.

The news follows revelations of a $US4 million accounting anomaly in Enterasys's Asia-Pacific region, which saw the company's share price plummet by more than 60 per cent.


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