Brocade Plaintiffs Win Class Certification Bid

Law360, New York (October 15, 2007, 12:00 AM EDT) -- In a setback for a group of outside directors of Brocade Communications Systems Inc., a federal judge has granted the lead plaintiff’s bid for class certification in a case that alleges they knew or should have known about a scheme to backdate stock options at the company.

At a hearing on Friday in the U.S. District Court for the Northern District of California, Judge Charles R. Breyer granted the Arkansas Public Employee Retirement System’s motion for class certification.

In its motion to certify the class filed...
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