Judge Won't Dismiss Brocade Backdating Suit

Law360, New York (May 14, 2007, 12:00 AM EDT) -- A judge on Friday rejected a motion filed by the former CEO of Brocade Communications Systems Inc. to have part of a stock options backdating case filed by the U.S. Securities and Exchange Commission dismissed.

Judge Charles Breyer of the U.S. District Court for the Northern District of California rejected arguments by counsel for former Brocade CEO Gregory Reyes that the options practice had not hurt investors and that the company's history bore none of the earmarks of securities fraud.

"If this is totally irrelevant (to...
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