Brocade Communications Settles Shareholders' Derivative Lawsuit Concerning Options Backdating
Fifteen current and former Brocade Directors and Officers reportedly participated in today's settlement (including former Brocade director and Wilson Sonsini partner Larry Sonsini.) KPMG, Brodcade's auditor, also reportedly settled. Gregory Reyes, Brocade's former CEO, who faces criminal charge in connection with options timing problems at Brocade, did not take part in the settlement. Other shareholder lawsuits, including shareholder fraud lawsuits, remain pending. A hearing on the stipulation of settlement is scheduled for August 18.