Feeds

US SEC shows Brocade its formal probe

Inquiry turns to investigation

  • alert
  • submit to reddit

3 Big data security analytics techniques

Brocade received an unpleasant dispatch on Thursday, as the US SEC (Securities and Exchange Commission) revealed that it has started a formal inquiry into the company's past accounting policies.

Brocade has been pretty upfront about its accounting woes. In fact, the storage switch maker last month vowed to restate four years' worth - 2001 to 2004 - of financial results after an internal audit showed that Brocade did not properly account for some stock-based compensation given to employees on leaves of absences and others about to leave the firm.

These actions prompted the SEC to informally probe Brocade's situation. In a regulatory filing, Brocade said it received notice that the informal inquiry has now turned into a formal investigation and pledged to cooperate with the government.

Earlier this week, Brocade was forced to delay the filing of a second quarter regulatory form with the SEC in order to give the audit committee more time to complete its review of past financial data.

The entire accounting episode resulted in former CEO Greg Reyes stepping down in January and being replaced by Michael Klayko. Lucky guy. ®

Related stories

Brocade to restate four years of financials as DoJ and SEC look on
Brocade blames March for Q2 shocker
McData seesaws through Q4
Cisco switch partners see Fibre Channel green
Former Brocade CEO sent flying in golden skies
EMC whistleblower says Symmetrix coverup caused nervous breakdown
Brocade makes income and CEO disappear

SANS - Survey on application security programs

More from The Register

next story
This time it's 'Personal': new Office 365 sub covers just two devices
Redmond also brings Office into Google's back yard
Kingston DataTraveler MicroDuo: Turn your phone into a 72GB beast
USB-usiness in the front, micro-USB party in the back
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
BOFH: Oh DO tell us what you think. *CLICK*
$%%&amp Oh dear, we've been cut *CLICK* Well hello *CLICK* You're breaking up...
Just what could be inside Dropbox's new 'Home For Life'?
Biz apps, messaging, photos, email, more storage – sorry, did you think there would be cake?
IT bods: How long does it take YOU to train up on new tech?
I'll leave my arrays to do the hard work, if you don't mind
Amazon reveals its Google-killing 'R3' server instances
A mega-memory instance that never forgets
Cisco reps flog Whiptail's Invicta arrays against EMC and Pure
Storage reseller report reveals who's selling what
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.