Brocade has coughed up $160 million to settle a class-action lawsuit related to the companys options backdating scandal, in a clear attempt to finally draw a line under the Greg Reyes era.
Earlier this year, ex-Brocade CEO Reyes was sentenced to 21 months in jail and a $15 million fine after being found guilty of securities fraud, and the shock-waves from the vendors 2005 restatement of financial results have continued to reverberate.
In a statement released last night, Brocade confirmed that it had reached an agreement in principle with lead plaintiffs in the class-action suit, which was filed against the company and certain former directors and officers in May 2005.
Brocade believes that this settlement is in the best interest of its shareholders and the Company, as it significantly reduces the uncertainty associated with this ongoing litigation, the firm's statement read. This resolution enables the company to put the class action behind it.
The deal follows a federal court ruling earlier this year that Brocade was financially liable for Reyess actions, resulting in what is now being described as the largest-ever backdating settlement.
With the move to the cloud, CISOs must shift priorities from operating security programs to overseeing (monitoring and auditing) outsourced cybersecurity programs.
2022 was a boon year for IT salaries. 2023 came in like a beast with layoffs, raise freezes, and ChatGPT, but that beast has few teeth.
Age is only a number. Don't let a high number cancel your career.
