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Litigation

Mar. 24, 2010

Backdating Case Closes With Heated Arguments

Stock option grants at Brocade Communications Systems Inc. were consistently made at the low prices because CEO Gregory L. Reyes participated in a scheme to backdate the options, a federal prosecutor told jurors Monday.

By Rebecca Beyer

Daily Journal Staff Writer

SAN FRANCISCO - On graphs, the dots marking the stock option grant dates at Brocade Communications Systems Inc. while Gregory L. Reyes was the company's chief executive were "hanging like ornaments off a Christmas tree," a federal prosecutor told jurors Monday.

The grants were consistently made at the low prices for the quarter because Reyes participated in a scheme to b...

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