Class Action Securities Litigation Against Brocade is Dismissed
SAN JOSE, Calif., March 7 /PRNewswire-FirstCall/ -- Brocade Communications Systems, Inc. (Brocade®) (Nasdaq: BRCD - news) announced today that a shareholder class-action securities lawsuit against the company has been dismissed. Yesterday, the United States District Court for the Southern District of New York entered an order dismissing without prejudice the claims against the company and its officers and directors in the shareholder class-action lawsuit filed in July 2001. The class-action lawsuit asserted violations of the federal securities laws relating to how the underwriters of the company's initial public offering allegedly allocated the company's IPO shares to the underwriters' customers.
``We have always maintained that these charges are unfounded, and we are pleased that the court agreed with us and dismissed this unwarranted lawsuit,'' said Ron Epstein, Brocade Vice President and General Counsel.
The Palo Alto law firm of Wilson, Sonsini, Goodrich & Rosati represented Brocade and its officers and directors in the lawsuit.
About Brocade Communications Systems, Inc.
Brocade offers the industry's leading intelligent platform for networking storage. The world's leading systems, applications, and storage vendors have selected Brocade to provide a networking foundation for their SAN solutions. The Brocade SilkWorm® family of fabric switches and software is designed to optimize data availability and storage and server resources in the enterprise. Using Brocade solutions, companies can simplify the implementation of storage area networks, reduce the total cost of ownership of data storage environments, and improve network and application efficiency. For more information, visit the Brocade website at www.brocade.com or contact the company at info@brocade.com.
NOTE: Brocade, the B weave logo and SilkWorm are registered trademarks of Brocade Communications Systems, Inc. or its subsidiaries in the United States or in other countries. All other brands, products, or service names are or may be trademarks or service marks of, and are used to identify, products or services of their respective owners. All products, plans, and dates are subject to change without notice.
SOURCE: Brocade Communications Systems, Inc.
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btw, BRCD has THE BEST high tech law firm in the country as its outside counsel...Wilson Sonsini is a powerhouse and rarely ever loses...I believe one of their partners is on the Brocade board and I have no worries at all about the MCDT case. I am a little biased though since I am holding BRCD in a position trading account...it should be a good day to be long as the NAZ futures are WAY UP...=) |
