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     <!-- Project Number: NY15062                                 -->
     <!-- Attorney:      Guy Chayoun                              -->
     <!-- Filer Name:    Sycamore Networks Inc                    -->
     <!-- Filing Type:    8-K                                     -->
     <TITLE>8-K</TITLE>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION <BR>
WASHINGTON, D.C. 20549 </FONT></H1></TD></TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 8-K  </FONT></H1></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT
REPORT<BR>Pursuant to Section 13 or 15(d) of the<BR> Securities Exchange Act of 1934  </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><!-- MONTH -->  August 25, 2005<!-- DATE --> <BR>Date of Report (Date of earliest event reported)</FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SYCAMORE NETWORKS, INC.</B> </FONT> </TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact name of registrant as specified in its charter) </FONT></TD></TR>
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<TD ALIGN=CENTER WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delaware<!-- STATE--> </FONT></TD>
<TD ALIGN=CENTER WIDTH=34%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>001-27273<!-- FILE NO.--> </FONT></TD>
<TD ALIGN=CENTER WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>04-3410558<!-- IRS NO.--> </FONT></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or Other Jurisdiction<BR>of Incorporation)
</FONT></TD>
<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission File Number) </FONT></TD>
<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(IRS Employer Identification No.) </FONT></TD>
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    220 Mill Road    <BR>
Chelmsford, MA 01824
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(Address of principal executive offices)<BR>
(Zip code) </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's
telephone number, including area code: &nbsp; (978) 250-2900 </FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Not Applicable<!-- FORMER NAME OR ADDRESS --></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
(Former Name or Former Address, if Changed Since Last Report) </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:  </FONT></TD></TR>
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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
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 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD>
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 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD>
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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
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 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) </FONT></TD>
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 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2.02: Results of Operations and Financial Condition.</B><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August 26, 2005, the Registrant reported that the Board of Directors of the
Registrant had determined that the Registrant&#146;s financial statements for
fiscal years 2000 through 2004 should be restated to reflect the effects of
certain additional non-cash stock compensation expense, and that, accordingly,
the Registrant&#146;s financial statements for fiscal years 2000 through 2004
and subsequent periods should no longer be relied upon. The press release
announcing the foregoing information is attached as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated herein by reference. Subsequently, on
August 31, 2005, the Registrant&#146;s Board of Directors determined that the
previously issued financial statements for fiscal year 2005 interim periods
should be restated and should no longer be relied upon. The restatement of the
Registrant&#146;s financial statements will not have any impact on the
Registrant&#146;s historical revenues, cash or non-stock option related expenses
for any prior periods. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information contained herein in Item 2.02 and in the accompanying exhibit shall not be
incorporated by reference into any filing of the Registrant, whether made before or after
the date hereof, regardless of any general incorporation language in such filing, unless
expressly incorporated by specific reference into such filing. The information in this
Item 2.02, including the exhibit hereto, shall not be deemed to be &#147;filed&#148; for
purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the
Securities Act of 1933, as amended. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item
4.02(a): Non-Reliance on Previously Issued Financial Statements or a Related Audit Report
or Completed Interim Review.</B> </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August
25, 2005, and subsequently on August 31, 2005, upon management&#146;s recommendation, the
Registrant&#146;s Board of Directors determined that Registrant&#146;s financial
statements for fiscal years 2000 through 2004 and for the previously issued fiscal year
2005 interim periods should be restated to reflect the effects of additional non-cash
stock compensation expense resulting from certain identified stock options granted during
calendar years 1999 to 2001 that were erroneously accounted for. The Registrant&#146;s
decision to restate these financial statements was based on the findings of an independent
investigation into the Registrant&#146;s stock option accounting that was conducted under
the direction of the Audit Committee of its Board of Directors. The independent
investigation identified the following stock options that were erroneously accounted for:
(i) six new employee stock option grants in which employment start date records were
deliberately modified and six existing stock option grants that were deliberately
cancelled and reissued, in both cases, to provide a lower exercise price for these stock
options, (ii) during the investigation, the Registrant reviewed the records supporting the
April 14, 2000 broad based stock option grant program and noted that it appeared that the
number of options granted likely was not ultimately determined until April 26, 2000, (iii)
three stock option grants that continued to vest following a change in employment status
without the Registrant recording an appropriate corresponding stock compensation charge,
and (iv) one stock option grant that was improperly accounted for due to an inadvertent
recording error. The employees directing the stock option program in the period from
1999-2001 are no longer with the Company. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the preparation of the Registrant&#146;s amended Form 10-K/A for fiscal
year ended July 31, 2004, the Registrant determined the pro-forma disclosures for stock
based compensation expense under Statement of Financial Accounting Standards No. 123 (SFAS
123) included in Notes to its previously issued Form 10-K for fiscal years ended
July 31, 2001, 2002, 2003, 2004 and interim periods ended January 29, 2005 were in error.
Specifically, the errors related to the calculation of the effect of a stock option
exchange program that took place on June 20, 2001. This error does not have any impact on
the Registrant&#146;s historical revenues, cash or non-stock option related expenses for
any prior periods. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August 25, 2005, and subsequently on August 31, 2005, the Board of Directors determined
that the Registrant&#146;s financial statements and related notes for fiscal years 2000
through 2004 and subsequent interim periods in fiscal 2005 should no longer be relied
upon. The Registrant intends to file, as soon as practicable, a Form 10-K/A for the fiscal
year ended July 31, 2004 which will include restated financial statements for fiscal years
2004, 2003 and 2002 and in addition will include the restatement of selected financial
data for fiscal years 2001 and 2000. In addition, the Registrant will file a Form 10-Q/A
for the first and second quarter of fiscal 2005 restating the financial statements for
such periods. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee and management of the Registrant have discussed the matters associated
with the restatement and disclosed in this Current Report on Form 8-K with
PricewaterhouseCoopers LLP, the Registrant&#146;s independent registered public
accounting firm.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the investigation&#146;s findings and the Registrant&#146;s subsequent
analysis, the Registrant determined that a control deficiency existed with respect to
its financial reporting related to stock option accounting. The control deficiency
will result in the restatement of the Registrant&#146;s consolidated financial statements
for the fiscal years ended July 31, 2004, 2003, 2002, and in addition will include the
restatement of selected financial data for fiscal years 2001 and 2000. The Registrant will
also file a Form 10-Q/A for the first and second quarter of fiscal 2005 restating the
financial statements for such periods. Accordingly, the Registrant has concluded that its
disclosure controls and procedures were not effective and this control deficiency
constituted a material weakness as of July 31, 2004 and through April 2005. A material
weakness is a control deficiency or combination of control deficiencies that results in
more than a remote likelihood that a material misstatement of the annual or interim
financial statements will not be prevented or detected. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
address the findings of the investigation and the determination of the existence of a
material weakness in the Registrant&#146;s internal controls related to stock option
accounting, the Registrant implemented a series of remedial actions during the fourth
quarter of fiscal year 2005, including a) an improved process to certify employee start
dates, b) the stock administration group no longer has system administrator access to the
Registrant&#146;s stock option database, and c) a resolution of the Compensation Committee
of the Board of Directors rescinding previously delegated power for executive officers to
authorize broad based stock option grants. These actions were in addition to an
organizational change that took effect in July 2003, in which the stock administration
function was placed under the direct supervision of the corporate controller. Management
believes that these corrective actions, taken as a whole, have mitigated the material
weakness described above. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 8.01: Other Events.</B><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the items set forth above, the press release issued by the Registrant on
August 26, 2005, reported that the previously reported independent investigation into the
Registrant&#146;s historic stock option accounting conducted under the direction of the
Audit Committee of the Board of Directors is now complete. The press release also reported
that the restatements to the Registrant&#146;s financial statements referred to in Item
4.02(a) above, will not have any impact on the Registrant&#146;s historical revenues, cash
or non-stock option related expenses for any prior periods. The press release concerning
these events is attached as Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated herein by reference. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Item 9.01:&nbsp;Financial Statements and Exhibits.</b> </FONT></TD></TR></TABLE><BR>


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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)&nbsp;&nbsp;&nbsp;Exhibits  </FONT></TD></TR></TABLE><BR>


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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit<BR><U>Number</U></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="84%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U></FONT></TD>
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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1<!-- EXHIBIT No. -->  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<!-- Description Detail -->Press Release of the Registrant, dated August 26, 2005. </FONT></TD>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.  </FONT></TD></TR></TABLE><BR>





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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sycamore Networks, Inc. </FONT></TD></TR></TABLE>
<BR><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2> /s/ Richard J. Gaynor</FONT></TD></TR></TABLE>
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<TD><HR WIDTH="250" SIZE="1" ALIGN="Left">  </TD></TR></TABLE>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Richard J. Gaynor<BR> Chief Financial Officer<BR>
 (Duly Authorized Officer and Principal<BR> Financial and
Accounting Officer) </FONT></TD></TR></TABLE><BR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: <!-- MONTH --> August 31, 2005 </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX  </FONT></TD></TR></TABLE><BR>




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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit<BR><U>Number</U></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="84%" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U></FONT></TD>
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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1<!-- EXHIBIT No. -->  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;<!-- Description Detail --> Press Release of the Registrant, dated August 26, 2005. </FONT></TD>
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{"company-data": {"conformed-name": "SYCAMORE NETWORKS INC", "cik": "0001092367", "assigned-sic": "3661", "irs-number": "043410558", "state-of-incorporation": "DE", "fiscal-year-end": "0731"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27273", "film-number": "051062655"}, "business-address": {"street1": "220 MILL ROAD", "city": "CHELMSFORD", "state": "MA", "zip": "01824", "phone": "9782502900"}, "mail-address": {"street1": "220 MILL ROAD", "city": "CHELMSFORD", "state": "MA", "zip": "01824"}}
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August 25, 2005
Date of Report (Date of earliest event reported)
SYCAMORE NETWORKS, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-27273
04-3410558
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
220 Mill Road
Chelmsford, MA 01824
(Address of principal executive offices)
(Zip code)
Registrant's
telephone number, including area code:   (978) 250-2900
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02: Results of Operations and Financial Condition.
On
August 26, 2005, the Registrant reported that the Board of Directors of the
Registrant had determined that the Registrant's financial statements for
fiscal years 2000 through 2004 should be restated to reflect the effects of
certain additional non-cash stock compensation expense, and that, accordingly,
the Registrant's financial statements for fiscal years 2000 through 2004
and subsequent periods should no longer be relied upon. The press release
announcing the foregoing information is attached as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated herein by reference. Subsequently, on
August 31, 2005, the Registrant's Board of Directors determined that the
previously issued financial statements for fiscal year 2005 interim periods
should be restated and should no longer be relied upon. The restatement of the
Registrant's financial statements will not have any impact on the
Registrant's historical revenues, cash or non-stock option related expenses
for any prior periods.
The
information contained herein in Item 2.02 and in the accompanying exhibit shall not be
incorporated by reference into any filing of the Registrant, whether made before or after
the date hereof, regardless of any general incorporation language in such filing, unless
expressly incorporated by specific reference into such filing. The information in this
Item 2.02, including the exhibit hereto, shall not be deemed to be "filed" for
purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the
Securities Act of 1933, as amended.
Item
4.02(a): Non-Reliance on Previously Issued Financial Statements or a Related Audit Report
or Completed Interim Review.
On August
25, 2005, and subsequently on August 31, 2005, upon management's recommendation, the
Registrant's Board of Directors determined that Registrant's financial
statements for fiscal years 2000 through 2004 and for the previously issued fiscal year
2005 interim periods should be restated to reflect the effects of additional non-cash
stock compensation expense resulting from certain identified stock options granted during
calendar years 1999 to 2001 that were erroneously accounted for. The Registrant's
decision to restate these financial statements was based on the findings of an independent
investigation into the Registrant's stock option accounting that was conducted under
the direction of the Audit Committee of its Board of Directors. The independent
investigation identified the following stock options that were erroneously accounted for:
(i) six new employee stock option grants in which employment start date records were
deliberately modified and six existing stock option grants that were deliberately
cancelled and reissued, in both cases, to provide a lower exercise price for these stock
options, (ii) during the investigation, the Registrant reviewed the records supporting the
April 14, 2000 broad based stock option grant program and noted that it appeared that the
number of options granted likely was not ultimately determined until April 26, 2000, (iii)
three stock option grants that continued to vest following a change in employment status
without the Registrant recording an appropriate corresponding stock compensation charge,
and (iv) one stock option grant that was improperly accounted for due to an inadvertent
recording error. The employees directing the stock option program in the period from
1999-2001 are no longer with the Company.
In
connection with the preparation of the Registrant's amended Form 10-K/A for fiscal
year ended July 31, 2004, the Registrant determined the pro-forma disclosures for stock
based compensation expense under Statement of Financial Accounting Standards No. 123 (SFAS
123) included in Notes to its previously issued Form 10-K for fiscal years ended
July 31, 2001, 2002, 2003, 2004 and interim periods ended January 29, 2005 were in error.
Specifically, the errors related to the calculation of the effect of a stock option
exchange program that took place on June 20, 2001. This error does not have any impact on
the Registrant's historical revenues, cash or non-stock option related expenses for
any prior periods.
On
August 25, 2005, and subsequently on August 31, 2005, the Board of Directors determined
that the Registrant's financial statements and related notes for fiscal years 2000
through 2004 and subsequent interim periods in fiscal 2005 should no longer be relied
upon. The Registrant intends to file, as soon as practicable, a Form 10-K/A for the fiscal
year ended July 31, 2004 which will include restated financial statements for fiscal years
2004, 2003 and 2002 and in addition will include the restatement of selected financial
data for fiscal years 2001 and 2000. In addition, the Registrant will file a Form 10-Q/A
for the first and second quarter of fiscal 2005 restating the financial statements for
such periods.
The
Audit Committee and management of the Registrant have discussed the matters associated
with the restatement and disclosed in this Current Report on Form 8-K with
PricewaterhouseCoopers LLP, the Registrant's independent registered public
accounting firm.
As
a result of the investigation's findings and the Registrant's subsequent
analysis, the Registrant determined that a control deficiency existed with respect to
its financial reporting related to stock option accounting. The control deficiency
will result in the restatement of the Registrant's consolidated financial statements
for the fiscal years ended July 31, 2004, 2003, 2002, and in addition will include the
restatement of selected financial data for fiscal years 2001 and 2000. The Registrant will
also file a Form 10-Q/A for the first and second quarter of fiscal 2005 restating the
financial statements for such periods. Accordingly, the Registrant has concluded that its
disclosure controls and procedures were not effective and this control deficiency
constituted a material weakness as of July 31, 2004 and through April 2005. A material
weakness is a control deficiency or combination of control deficiencies that results in
more than a remote likelihood that a material misstatement of the annual or interim
financial statements will not be prevented or detected.
To
address the findings of the investigation and the determination of the existence of a
material weakness in the Registrant's internal controls related to stock option
accounting, the Registrant implemented a series of remedial actions during the fourth
quarter of fiscal year 2005, including a) an improved process to certify employee start
dates, b) the stock administration group no longer has system administrator access to the
Registrant's stock option database, and c) a resolution of the Compensation Committee
of the Board of Directors rescinding previously delegated power for executive officers to
authorize broad based stock option grants. These actions were in addition to an
organizational change that took effect in July 2003, in which the stock administration
function was placed under the direct supervision of the corporate controller. Management
believes that these corrective actions, taken as a whole, have mitigated the material
weakness described above.
Item 8.01: Other Events.
In
addition to the items set forth above, the press release issued by the Registrant on
August 26, 2005, reported that the previously reported independent investigation into the
Registrant's historic stock option accounting conducted under the direction of the
Audit Committee of the Board of Directors is now complete. The press release also reported
that the restatements to the Registrant's financial statements referred to in Item
4.02(a) above, will not have any impact on the Registrant's historical revenues, cash
or non-stock option related expenses for any prior periods. The press release concerning
these events is attached as Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
Item 9.01: Financial Statements and Exhibits.
(c)   Exhibits
Exhibit
Number
Description
99.1
Press Release of the Registrant, dated August 26, 2005.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
Sycamore Networks, Inc.
/s/ Richard J. Gaynor
Richard J. Gaynor
Chief Financial Officer
(Duly Authorized Officer and Principal
Financial and
Accounting Officer)
Dated:
August 31, 2005
EXHIBIT INDEX
Exhibit
Number
Description
99.1
Press Release of the Registrant, dated August 26, 2005.