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Brocade Outside Directors Lose Bid To Toss Suit

Law360 (August 28, 2007, 12:00 AM EDT) -- In a setback for lawyer Larry Sonsini and two other outside directors of Brocade Communications Systems Inc., a federal judge has refused to throw out a purported class action against them that alleges they knew or should have known about a scheme to backdate stock options at the company.

Judge Charles R. Breyer ruled Monday that the detailed allegations in the amended complaint gave rise to an inference that Brocade was issuing backdated stock options, and that Sonsini, Neal Dempsey and Seth Neiman—all of whom served...
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