Brocade Communications Systems, Inc. v. Reyes et al.
Published: Jan. 17, 2009 | Result Date: Dec. 12, 2008 | Filing Date: Jan. 1, 1900 |Case number: C-05-2233-CRB Bench Decision – Dismissal
Court
USDC Northern
Attorneys
Plaintiff
Defendant
Michael D. Torpey
(Orrick, Herrington & Sutcliffe LLP)
Norman J. Blears
(Sidley Austin LLP)
John M. Potter
(Quinn, Emanuel, Urquhart & Sullivan LLP)
Facts
Plaintiff Brocade Communications Systems filed suit against certain of its former directors, officers and employees, Gregory Reyes (former CEO), Antonio Canova (former CFO), Neal Dempsey (former director), Seth Neiman (former director), Robert Bossi (former Controller), Michael Byrd (former CFO), Mark Leslie (former director), Paul Bonderson (founder and former officer), Stephanie Jensen (human resources chief), and Jack Cuthbert (former officer).
Contentions
PLAINTIFF'S CONTENTIONS:
Brocade contended that it is entitled to damages stemming from a backdating scandal perpetrated by the defendants.
DEFENDANTS' CONTENTIONS:
The defendants moved to dismiss all claims based on statutes of limitations and failure to state a claim.
Result
The court upheld the fiduciary-duty claims asserted against four of the 10 defendants (Reyes, Canova, Dempsey, and Neiman) and the aiding/abetting claim against another defendant (Bossi), but dismissed claims under RICO and the federal securities laws. The court dismissed all claims against the other five defendants (Byrd, Leslie, Bonderson, Cuthbert, and Jensen) based on statutes of limitations.
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