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Counsel Johnson Bottini Updates on Brocade Options Backdating Case
This is a Press Release edited by StorageNewsletter.com on Thu, March 6th, 2008
Plaintiff believes that the damages Brocade has suffered exceed $200 million.
Johnson Bottini, LLP, Co-Lead Counsel in the shareholder derivative
lawsuit involving the manipulation of stock options at Brocade
Communications Systems, Inc., announces the following update on the
case. Several motions in the case will be heard on March 28, 2008 in
Santa Clara, California. Plaintiffs are seeking to amend the complaint
to assert declaratory relief claims against Gregory Reyes, the ex-CEO of
Brocade, and Stephanie Jensen, the former V.P. of Human Resources.
Reyes, who was convicted of securities fraud by a jury in San Francisco
on August 7, 2007, was sentenced on January 16, 2008 to 21 months in
prison. Jensen was convicted on December 6, 2007 of conspiracy to commit
securities fraud and of falsifying Brocade’s
books and records. She has not yet been sentenced. In the lawsuit,
Plaintiff is seeking to recover damages for the benefit of Brocade and
against Reyes, Jensen, KPMG LLP and other defendants. Plaintiff believes
that the damages Brocade has suffered exceed $200 million.
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