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.
May 14, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
U.S. District Judge Charles Breyer slapped down Brocade ex-CEO Gregory Reyes’ argument Friday that Securities and Exchange Commission 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.
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