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Class Action
: ClassLawBlog.comBrocade Settles Shareholder Lawsuit for $160 Million
By classlawblog
The Associated Press reports that Brocade Communications Systems Inc. has agreed to pay $160 million to settle a class action lawsuit alleging the company harmed investors by backdating stock options.
The lawsuit, which was filed by the Arkansas Public Employees Retirement System, alleged that Brocade manipulated the dates and stock prices on options awards to boost the potential windfall for the recipients and that Brocade kept the charges for the true amount of the awards off the Company?s books. Two former Brocade executives have already been convicted on criminal charges stemming from the stock options backdating practice. In addition, Brocade agreed in May 2007 to pay $7 million to settle allegations by the Securities and Exchange Commission of civil fraud accompanying the options backdating.
Full post as published by ClassLawBlog.com on June 13, 2008 (boomark / email).
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