Foundry Directors Hit With Lawsuit Over Brocade Deal

Law360, New York (July 28, 2008, 12:00 AM EDT) -- A proposed shareholder class action has been filed against members of Internet technology provider Foundry Networks Inc.'s board of directors, alleging that the directors breached their fiduciary duties in connection with a proposed $3 billion buyout by Brocade Communications Systems Inc.

Santa Clara, Calif.-based Foundry disclosed the suit Monday in a filing with the U.S. Securities and Exchange Commission. The complaint alleges that Foundry President and CEO Bobby R. Johnson Jr. and members of the company's board of directors conducted a “flawed and unfair sales process.”...
To view the full article, register now.