Foundry Backdating Suit Settlement Gets Initial OK

Law360, New York (December 12, 2008, 12:00 AM EST) -- Foundry Networks Inc. has won preliminary approval of a proposed settlement with shareholders stemming from allegations of stock options backdating, resolving a consolidated action against 19 company officers and directors.

The Santa Clara, Calif.-based company said in a filing Thursday with the U.S. Securities and Exchange Commission that the U.S. District Court for the Northern District of California approved the agreement in a Dec. 5 order.

Under the terms of the settlement, which remains subject to final court approval, Foundry will recover $2.1 million, part of...
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