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Brocade Will Pay $160 Million to Settle Class-Action Lawsuit
This is a Press Release edited by StorageNewsletter.com on Wed, June 4th, 2008
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Relating to stock-based compensation accounting issues
Under the terms of the preliminary settlement, Brocade will pay $160 million to the plaintiff class in exchange for the dismissal with prejudice of all claims against all defendants in the litigation. The settlement is subject to final documentation and approval by the federal district court.
Based on the preliminary settlement, Brocade recorded an estimated settlement expense of $160 million on a pre-tax basis. This expense has been included in the Company's results of operations for the three and six months ended April 26, 2008 and will be reflected in its Quarterly Report on Form 10-Q for the quarter ended April 26, 2008, which Brocade expects to file no later than Thursday, June 5, 2008. This expense is not expected to impact the Company's non-GAAP results of operations.
Brocade believes that this settlement is in the best interest of its shareholders and the Company as it significantly reduces the uncertainty associated with this ongoing litigation. Further, this resolution enables the Company to put the class action behind it and continue to focus on the business of developing and delivering industry-leading data center solutions for its customers worldwide.
Our comments :
See also this other today's press release:
Nix, Patterson & Roach LLP Recovers $160 Million in Brocade Securities Fraud Class Action
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