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Former Blue Coat CFO Settles Backdating Suit

Law360 (November 12, 2008, 12:00 AM EST) -- The former chief financial officer of network security company Blue Coat Systems Inc. has agreed to pay about $185,000 to settle a lawsuit brought by the U.S. Securities and Exchange Commission, which alleges that he and the company concealed almost $50 million in compensation expenses associated with backdated stock options.

Both Blue Coat and former CFO Robert P. Verheecke consented to be enjoined from violating securities laws as part of the settlement, the SEC announced Wednesday.

Verheecke’s settlement will consist of a $150,000 financial penalty and...
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