Brocade’s Preliminary Approval on Proposed Settlement of Shareholder Lawsuit

Brocade Communications Systems, Inc. announced that on Sept. 28, 2012, the California Superior Court, County of Santa Clara, CA issued an order preliminarily approving the proposed settlement between Brocade and the named plaintiff in the matter captioned Stephen Knee vs. Brocade Communications Systems, Inc. (Case No.: 1-12-CV-220249).

A hearing to determine whether the Court should issue an order of final approval of the settlement has been scheduled for Dec. 14, 2012, at 9:00 a.m. at the Superior Court of the State of California, County of Santa Clara, Civil Division, located at 191 N. First Street, San Jose, CA.

Pursuant to the Court’s order, any objections to the settlement must be filed in writing with the Court by no later than ten calendar days prior to that final settlement hearing scheduled for December 14, 2012.

The settlement relates to a proposal in Brocade’s proxy statement for its 2012 Annual Meeting to increase the number of shares available for grant under Brocade’s 2009 Stock Plan. Brocade’s proxy statement for the 2012 Annual Meeting was filed with the SEC on February 24, 2012 and supplemental disclosures regarding the proposal were filed on April 12, 2012. Brocade’s annual meeting of stockholders was held on April 12, 2012 and was adjourned until April 20, 2012 with respect to the vote on Brocade’s proposal to increase the number of shares available for grant under the 2009 Stock Plan. At the reconvened session of the Annual Meeting, Brocade’s stockholders approved the proposal.

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