Feeds

Ex-Brocade pair plead not guilty

Stock options test trial is go

Top 5 reasons to deploy VMware with Tegile

Former Brocade CEO Greg Reyes and his former human resources VP Stephanie Jensen pleaded not guilty to mail and securities fraud charges in San Francisco federal court yesterday.

The trial will now become a test case for the SEC's wide-reaching investigation into stock option backdating, which has swept through Silicon Valley.

The former Brocade pair are accused of manipulating executive stock option records to make it appear they were granted at an earlier date to give a bigger return. While not itself illegal at the time, authorities allege the backdating was not reported properly, misleading the market and causing the storage switch maker to restate its 1999 to 2004 financials.

At an earlier dismissal hearing, Reyes' lawyer said his client had not intended to mislead investors, but attract employees.

Reyes is out on $2m bail, with Jensen bonded at $500,000. A trial date was not set.

Reyes was the first big name to be indicted by by financial investigators. Similar allegations against former Comverse chief Kobi Alexander have not yet been aired in court, as the turned fugitive earlier this month. He was quickly caught in Sri Lanka after making a Skype call. ®

Beginner's guide to SSL certificates

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
Vodafone to buy 140 Phones 4u stores from stricken retailer
887 jobs 'preserved' in the process, says administrator PwC
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.