Fremont compensation backdating

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Sonsini, Beckworth said, had unique responsibilities because of his unique role as both a director and as a founding partner in a firm that handled Brocade’s filing to the Securities and Exchange Commission.

Given those duties, “You can’t just stick your head in the sand and just say, ‘See no evil, hear no evil,’ ” Beckworth said.

“This is an outstanding recovery,” said Gail Stone, executive director of Arkansas Public Employees Retirement System said in a press release.A recent study, she noted, showed that most securities fraud class actions settle for less than 10 percent of investor losses.“Our 0 million settlement is the largest backdating settlement to date but, more importantly, it is close to a 100 percent recovery of the class’s total damages.” The Brocade case was emblematic of a national scandal involving scores of companies that were found to have improperly manipulated the value of options.The settlement is subject to approval by the federal district court in San Francisco.The court ruled May 13 that Brocade would be held financially liable for Reyes’ conduct.

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