Brocade communications systems backdating
The government has reportedly been looking at filing criminal charges against former executives at Apple Inc. This material may not be published, broadcast, rewritten, or redistributed. The complaint also alleged that from through Mercury, acting through Landan, Abrams, and Skaer, fraudulently backdated the date of option exercises of certain senior Mercury officers.
His defense team argued he didn't understand the accounting implications and relied on Brocade's financial department to properly record the expense. Canova agreed to resolve an action based on Rule e. Rather, the settlement was based on Mr. In re Brocade Communications Sec. The other two defendants in the Reyes case were prosecuted criminally.
His conviction could embolden prosecutors in their ongoing options investigation. Attorney Tim Crudo countered that the government doesn't have to prove that Reyes knew which securities laws he was breaking, just that he knew what he was doing was wrong.
The company previously settled with the Commission. It accused Skaer or others at her direction of preparing false documentation for the grants, including false written consents and meeting minutes. Securities and Exchange Commission.
In the Brocade case, falsification of reported income from through was alleged. Reyes is awaiting retrial after having his conviction reversed by the court of appeals as discussed here. That suit claimed that the company committed fraud by allowing Reyes and others to backdate stock options and conceal their behavior by falsifying documents. The executives are being tried separately.
By keeping the charges off the company's financial records, prosecutors argued, the executives misled investors about the true profitability of San Jose, Calif. Reyes has continued to deny wrongdoing and has claimed that he depended on advice from Canova and Jensen about stock options practices. Reyes and Jensen were the first in the country to be charged in the stock option backdating investigation. The goal is to boost the recipient's potential windfall. Reyes was improperly backdating stock options and later that he was involved in the process.
According to the complaint, Mercury stopped the shipment of its products once revenue targets for a period had been achieved, pushing the recognition of the revenue into subsequent periods. Reyes and other former executives, who repeatedly granted backdated stock options, misstated compensation expenses, and concealed the conduct by falsifying documents. In addition, it will seek against Landan and Smith the reimbursement of bonuses and profits from stock sales under Section of the Sarbanes-Oxley Act.
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