Accused Insider Traders In Brocade Deal Plead Not Guilty

Law360, New York (May 14, 2013, 7:14 PM EDT) -- A former hedge fund professional and a corporate insider accused of sharing then-confidential details of a $3 billion acquisition by networking company Brocade Communications Systems Inc. pled not guilty Tuesday to insider trading charges.

David Riley, a former chief information officer for networking hardware vendor Foundry Networks Inc., and Matthew Teeple, a hedge fund analyst, pled not guilty to four counts each of charges related to insider trading ahead of Brocade’s 2008 purchase of Foundry. Prosecutors claim Riley called Teeple, a friend, on July 16, 2008, five...
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