Brocade CEO Guilty in Stock Option Backdating Case

Posted on August 9, 2007 by Vicki Johnson

On Tuesday, as reported on the Mercury News website, the CEO of Brocade Communications System was found guilty on all ten counts related to stock option backdating charges.  Here's an article from the Wall Street Journal.

Backdating is where a company retroactively sets a stock option grant date to a date when the stock was trading at a lower price so that the option is already “in the money” when an employee (typically an executive) receives the grant.

Apparently the CEO of Brocade did not benefit financially from the backdating scandal at Brocade.

 

 

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