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Brocade backdating

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A stock option is the right to purchase a share of stock from a company at a fixed price, referred to as the “strike price,” on or after a specified vesting date. During trial, Reyes' position was that he relied on the Finance Department to make sure that the corporate books were accurate, and that he was not responsible for the false records. According to the district court, defense counsel should have sought immunity for the witnesses, and then proved, through their testimony, that the Finance Department did know about the scheme. As a joint press release emphasized, the FBI, SEC, and U. Attorney's Office forged a strong, cooperative relationship in pursuing civil and criminal punishment for misconduct relating to backdating Brocade stock options. Reyes goes further on appeal and argues that the misconduct was so flagrant that the indictment should be dismissed. Chapman, 524 F.3d 1073, 1085-87 (9th Cir.2008) (noting that dismissal of the indictment may be warranted where the prosecutor's actions rise to the level of flagrant prosecutorial misconduct, a defendant suffers substantial prejudice, and no lesser remedial action is available for the misconduct).

In a rising market, stock options generally help companies recruit employees desiring to share in the company's growth and help persuade employees to stay with the company so that their increasingly valuable options may vest and be exercised. § 240.10b-5; falsifying corporate books and records in violation of 15 U. Reyes' counsel, in closing argument, therefore told the jury that the Finance Department knew about the backdating, thus supporting the defense position. It was not, however, the defense's burden to prove Reyes was innocent. Although we do not agree with the district court that the prosecutor may have been innocent of deliberate false statements, we recognize there were aggressive tactics on both sides. The Jensen Appeal Jensen's appeal first challenges a jury instruction given in her case. Jensen's instructional challenge relates to the statutory term “willfully.” The substantive provision of the Securities and Exchange Act of 1934 (“Act”) at issue in this case requires issuers of registered securities to “make and keep books, records, and accounts, which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the issuer.” 15 U.

Last March Reyes was already convicted of frauds and false statements but the jury acquitted him of a conspiracy charge.

Stephanie Jensen, former Brocade's executive in charge of human resources, was also involved in this operation of illegal backdating and sentenced in 2008 during a separate trial. In another meeting, we were surprised to see him losing his temper after a [tough] question.

(For more insight, see ) Although it may appear shady, public companies can typically issue and price stock option grants as they see fit, but this will all depend on the terms and conditions of their stock option granting program.

However, when granting options, the details of the grant must be disclosed, meaning that a company must clearly inform the investment community of the date that the option was granted and the exercise price. In addition, the company must also properly account for the expense of the options grant in their financials.

The judge, however, noted today that “Reyes acted with the intent to mislead the court.” Sixteen other execs have acknowledged backdating stock options since Reyes was first charged.Do you ever wish that you could turn back the hands of time?Some executives have, well, at least when it comes to their stock options.Brocade was obliged to pay million in 2007 to the SEC to settle fraud charges and Reyes already paid .5 million to settle a lawsuit brought by his former company. In 2002, we asked Steve Duplessie, well known consultant, to told us who was the best CEO in the storage industry.His answer: "[The best CEO] ." Born September 1, 1962, Greg "Gregory" Reyes began his career at Convergent Technologies and then became VP of sales and support at Banyan Systems.Johnson & Weaver aggressively pursues complex litigation matters for both plaintiffs and defendants on an hourly or contingency fee basis depending upon the circumstances of the matter.