U.S. District Judge Charles Breyer slapped down Brocade ex-chief executive Gregory Reyes' argument Friday that SEC charges should be tossed because investors were not materially harmed by earnings restatements resulting from stock-option backdating. "If this is so irrelevant, why was there all this backdating going on?" Breyer asked. The judge also rejected an argument put forth by Reyes' lawyers at Skadden Arps that the DOJ had unfairly changed the thrust of its arguments in the parallel criminal case.
Judge Rejects Dismissal of SEC's Brocade Backdating Charges
May 14, 2007