Brocade Communications

New York, NY: (Feb-23-07) The Securities and Exchange Commission filed suit against Brocade Communications, accusing them of backdating of stock options. Brocade was among the first companies to come under government scrutiny after backdating problems were disclosed. The result of an internal investigation was prompted by the allegations of a fired employee who blew the whistle on Brocade's unethical practices. The company restated earnings from 1999 to 2004. Brocade reached a $7 million settlement with staff lawyers from the SEC regional office in San Francisco in July 2006. [NEW YORK TIMES: BROCADE STOCK OPTIONS]

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