Former Brocade CEO Greg Reyes was able to post the $2 million bond set by a judge yesterday in the first backdating criminal case...
Continue reading "Ex-Brocade CEO stays free after $2 million bail set" »
It's official. The ex-CEO of Brocade Communications is the first CEO, along with former Brocade human resources vice president Stephanie Jensen, to have been charged with securities fraud in connection with the options backdating probe. Reyes' lawyer has already put out a release:
"Greg Reyes is innocent, and if necessary, we will prove his innocence in a court of law.
"Financial gain is always the motive in securities fraud cases, and here there was none. There is not even an allegation of self-enrichment, or self-dealing. Nor is there any evidence of an intent to misstate the financial statements of the company.
"It is surprising that in an area where the government is investigating at least 60 companies on allegations of stock options accounting irregularities, the government would choose to charge Mr. Reyes. Mr. Reyes is not even alleged to have granted himself any of the options at issue in the case, nor is there even an allegation that he made any money through the alleged option irregularities. All he did was what his Board authorized him to do. During a time where competition was extremely high in Silicon Valley for employees, he awarded options to new and current employees of the company -- from the receptionist to engineers -- to attract and retain talent.".....
Continue reading "Brocade's ex-CEO Reyes officially indicted" »
