Brocade backdating options

08-Jan-2020 09:27

The SEC said it is seeking permanent injunctions, disgorgement with prejudgment, interest, civil monetary penalties, and officer and director bars against each of the individuals in the Mercury case.In addition, it will seek against Landan and Smith the reimbursement of bonuses and profits from stock sales under Section 304 of the Sarbanes-Oxley Act.The company announced the in-principle deal with lead plaintiffs in a statement Monday, but the settlement remains subject to final approval by the U. District Court for the Northern District of California.Brocade is one of eight companies in the past year to settle lawsuits brought by shareholders alleging stock options backdating led...

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The SEC is reported to have undertaken at least 140 backdating-related investigations.

O Chief Executive Gregory Reyes, 44, may be decided soon by a jury that began deliberating his fate on Monday.

A guilty verdict is anything but certain, analysts said, and the judge has said he could dismiss the charges in case of a conviction.

Software maker Mercury Interactive and networking company Brocade, without admitting or denying the allegations, also agreed to be permanently enjoined against further violations.

In the case of Mercury, acquired by Hewlett-Packard last November, the SEC also charged four former senior officers of Mercury: former chairman and CEO Amnon Landan, CFOs Sharlene Abrams and Douglas Smith, and general counsel Susan Skaer.“The million corporate penalty in this case, together with a permanent injunction, should send a clear signal that fraudulent stock option backdating and other financial fraud will be severely punished,” SEC Chairman Christopher Cox said in a statement.

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