Projected earnings for Q1 2002 also prompted downgrades from some analysts:
Making matters worse, investors hated the company's recent announcement that it would raise $500 million by selling a convertible bond to investors. Brocade officials said the money would be used for working capital and other stuff they couldnt possibly talk about. Some analysts think an acquisition is in the cards. Either that, they say, or Brocade is banking the money in preparation for even tougher times ahead.
There are also signs that Brocade insiders are less than bullish on the future of the company's stock. According to SEC filings this month, Brocade CEO Greg Reyes, VP of strategy Paul Bonderson, and the new CFO, Antonio Canova, have each filed to sell a considerable number of shares in the company.
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IT leaders should heed the guidance of cybersecurity insurance providers who think businesses should prioritize security education, incident preparedness, regular internal audits, and ongoing vulnerability scanning and patching.
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