Brocade backdating stock options
This just in: brocade communications has agreed to pay $160 million to plaintiffs to settle a federal securities class-action lawsuit related to stock-options backdating here’s the story, from the wsj’s mark maremont and john hechinger, as well as brocade’s press release the case was filed. Of backdating stock options to make them more lucrative for executives, with hundreds of companies suddenly announcing former brocade chief executive gregory. The tech industry's stock option backdating scandal appears to be gathering steam last week, federal investigators announced criminal charges against former executives of brocade communications systems, and they're hinting that more cases may be on the way meanwhile, silicon valley's top lawyers. Former brocade ceo gregory reyes has been sentenced to 21 months in prison and a $15 million fine for his role in fraudulently backdating company stock. Former brocade communications systems brcd ceo gregory reyes was convicted tuesday of defrauding investors in a stock options backdating scheme the guilty verdict on all counts is an important validation of the justice department's options backdating probe, which has so far led to criminal charges. In the first sec civil fraud settlements related to stock-option timing abuse, mercury interactive is hit with $28 million and brocade $7 million. San francisco (reuters) - prospects for criminal prosecutions of scores of options-backdating cases rest heavily on the outcome of a jury trial in which the judge has already questioned the strength of the government’s evidence the case against former brocade communications systems inc brcdo. Former brocade communications systems ceo gregory reyes has been sentenced to 21 months in prison and a us$15 million fine for fraud related to backdating of the storage networking company's stock options.
The sec has filed fraud charges against the former legal counsel for juniper networks and kla-tencor over violating rules on accounting for the backdating of employee stock options. Federal regulators have accused another former brocade communications systems inc executive of fraud for allegedly helping to conceal the computer storage networking company’s backdating of stock options grants. “options backdating – options intended to be incentive stock options may not be granted with exercises prices that are less than • brocade thus far.
Yesterday, former brocade ceo steve reyes was convicted of all criminal charges brought against him in the brocade backdating scandalâ (the ten charges included fraud, conspiracy, lying to the sec, falsifying books, etc)â i am thrilledâ professor larry ribstein is not. The case of a former brocade communications executive was the first stock options backdating case to go to trial. Brocade’s indicted ex-ceo greg reyes filed a nervy motion in federal court monday whose fate could have an enormous impact on the 200 or so other public companies now under scrutiny for options backdating in it, reyes asks that the fraud charges against him be dropped on the grounds that the.
The criminal charges filed thursday against former executives of brocade communications systems may be a harbinger of more indictments to come in an options backdating scandal that has already cast a shadow over many high-tech companies the us attorney’s office for the northern district of. Saint louis university school of law 593 the shareholder derivative suit as a response to stock option backdating introduction brocade communications systems, inc recently came under investigation.
Brocade backdating stock options
More than 80 firms are under investigation for backdating stock options that's just the beginning, says former sec chairman harvey pitt.
A federal appeals court has thrown out the stock option backdating conviction of gregory reyes, the former ceo of silicon valley network equipment manufacturer brocade. Criminal charges filed against former executives of brocade communications systems could be a sign of more indictments to come in an options backdating scandal that has cast a shadow over many high-tech companies. Spotlight on stock options backdating brocade to pay $7 million penalty to settle charges for fraudulent stock option backdating (sec v brocade communications. “backdating” stock options refers to the practice of recording who was an employee of the finance department and who administered brocade's stock options.
Yesterday, gregory l reyes, jr, the former chief executive officer of brocade communications systems, was sentenced to 21 months in prison and ordered to pay a $15 million fine for his role in stock options backdating at the technology company. Greg reyes, the former chief executive officer of brocade communications systems inc, lost a bid to reverse his conviction for backdating employee stock-option grants and hiding the practice from auditors and investors. Do you ever wish that you could turn back the hands of time some executives have, well, at least when it comes to their stock options most businesses or executives avoid options backdating executives who receive stock options as part of their compensation, are given an exercise price that is. The legal pad blog shares extra the case stemmed from a stock options backdating scandal that for stock option backdating while he was ceo at brocade.