The Securities and Exchange Commission today announced the filing of civil securities fraud charges against Gregory L. Reyes, the former CEO, President, and Chairman of Brocade Communications Systems, Inc., and Stephanie Jensen, its former Vice President of Human Resources, alleging that the two routinely backdated stock option grants to give employees favorably priced options without recording necessary compensation expenses. The action, which is among the first cases involving manipulation of stock option grants in violation of the federal securities laws, is the result of an 18-month investigation by the Commission.

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