If You Purchased Or Otherwise Acquired The Common Stock Of Brocade Communications Systems, Inc. (“Brocade”) Between May 18, 2000 And May 15, 2005, Inclusive (the “Class Period”), You May Be A Member Of The Class In This Action And Entitled To Share In A $160,098,500 Settlement.
The purpose of this website is to inform you of a proposed settlement of a class action lawsuit against Brocade Communications Systems, Inc. (“Brocade” or the “Company”), certain of its former officers and directors, and its former outside auditor, KPMG LLP. The case is captioned In re: Brocade Securities Litigation, Consolidated Case No. 3:05-CV-02042-CRB (the “Action”), and is pending in the United States District Court for the Northern District of California (the “Court”).
In the Action, Lead Plaintiff, the Arkansas Public Employees Retirement System (“APERS” or “Lead Plaintiff”), alleges that Defendants violated the Securities Exchange Act of 1934 (“Exchange Act”) by making materially false and misleading statements and omissions about Brocade’s finances relating to stock option grants and stock option based compensation.
Lead Plaintiff contends, among other things, that Brocade’s financial statements were false due to accounting and financial irregularities including, but not limited to, fraudulent accounting for and improper disclosure of stock option grants. Brocade has restated its financial results for fiscal years 2000 through 2004. The Defendants against whom the Action is brought have denied allegations of wrongdoing asserted against them and have asserted affirmative defenses.
Your legal rights and options in connection with the settlement are explained in the Notice. Please read carefully and follow the instructions contained in the Notice. You need to decide whether to stay in the Class or exclude yourself. In order to exclude yourself, you must mail your exclusion request postmarked no later than January 9, 2009.
Click the navigational links above to read the relevant case documents, read frequently asked questions and their answers, file your claim online, or, if you are a nominee, to find information on how to send us mailing lists of your clients, request blank copies of the Notice and Proof of Claim form, or file electronic claims.
If you have additional questions, you may contact the Claims Administrator by email at questions@brocadeclasssettlement.com or by phone toll-free at 1-877-507-4370.