Brocade Settles

Brocade Communications Systems, Inc. (NASDAQ: BRCD), a California-based data center networking and services company, has announced the preliminary settlement of the securities class action pending against the company in the N.D. of California. The case, originally filed in May 2005, stems from allegations that Brocade failed to correctly account for its stock-based compensation.

The settlement is for $160 million. The WSJ Law Blog has extensive coverage of the settlement, including relevant links.

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