Jenner & Block

Client Advisory: Government Announces First Civil and Criminal Cases Focused on Options Timing

On July 20, the United States Attorney for the Northern District of California filed criminal charges of securities fraud against Gregory L. Reyes, former CEO of Brocade Communications Systems, Inc., and Stephanie Jensen, Brocade’s former Vice President of Human Resources. In addition, the SEC filed civil charges against Reyes and Jensen, as well as against Antonio Canova, Brocade's former Chief Financial Officer and Vice President of Finance.