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Brocade Communications Systems, Inc.
Brocade Reaches Settlement in Federal Securities Class-Action Lawsuit
June 22nd, 2008
Brocade Communications Systems, Inc. (NASDAQ:BRCD) announced that it has reached an agreement in principle with lead plaintiffs to settle the federal securities class-action lawsuit originally filed in May 2005 in the United States District Court for the Northern District of California against the Company and certain former directors and officers. The litigation relates to the Company's restatement of certain financial results in 2005 due 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...
Source: Pharma Investments, Ventures & Law Weekly (2008-06-22)
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