Gregory Reyes

Brocade Communications Systems Inc. posted a profit in its fiscal second quarter after losing money in the same period a year ago. Its results were lifted by stronger sales of its computer-networking equipment to the federal government, and significantly lower legal expenses. The profit was better than Wall Street expected, but revenue wasn't, and its shares fell in after-hours trading. Brocade shares dropped 7.7 percent, or 45 cents, to $5.40 in extended trading, after the results were...Read Full Story

SAN FRANCISCO (Reuters) - A U.S. court convicted the former chief executive of Brocade Communications Systems Inc of securities fraud on Friday, a victory for the government in its high-profile crackdown on illegal options backdating. In a retrial, Gregory Reyes -- the first and highest profile executive to be accused of illegal backdating -- was convicted on nine charges related to securities fraud, but acquitted of one count of conspiracy, a spokesman for the Department of Justice said...Read Full Story

LOS ANGELES (Reuters) - A federal judge in California on Tuesday dismissed stock options backdating-related charges against Broadcom Corp co-founder Henry Nicholas and former Chief Financial Officer William Ruehle, citing allegations of misconduct by prosecutors. U.S. District Judge Cormac Carney also ordered prosecutors to explain at a February 2 hearing why they should be allowed to proceed with a separate drug possession trial against Nicholas, set for 2010. Carney ruled that Ruehle, 67...Read Full Story

I entered my Brocade Communications Systems (BRCD) trade on Aug 30. I charted out what I thought were prior buying and selling zones. I entered at $4.91 and set my profit sell limit order one minute after I entered the trade. BRCD is now breaking out to new highs on the day up .020 from where my profit target was hit. That is now irrelevant to me since I am no longer in the trade and goal was reached. There is no question I like the money, but just as fulfilling is sticking to the discipline...Read Full Story

A federal judge has sentenced the former chief executive of Brocade Communications Inc. to 18 months in prison in a stock options backdating case. Prosecutors say Gregory Reyes failed to disclose that the dates on stock options given to employees had been altered. He was convicted in March of nine counts of fraud and making false statements, but acquitted of conspiracy. U.S. District Court Judge Charles Breyer also fined Reyes $15 million at Thursday's sentencing. Reyes, whose lawyers are...Read Full Story

Gregory Reyes, the former chief executive of networking gear maker Brocade Communications, has been convicted of charges of fraud and making false statements related to backdating options. A federal jury returned its verdict Friday after four days of deliberations. Reyes was convicted of nine charges of security fraud and making false statements. He was acquitted of a conspiracy charge. Reyes was convicted on similar charges in 2008, but an appeals court ordered a new trial after citing...Read Full Story

Winner Winner Chicken Dinner! This morning I raised my profit target by .02 to get all of the GAP fill. I was a little ahead of the fill on my first $5.08 call, but with AAPL looking strong I felt Brocade was going to follow though. Brocade is reporting earnings today after the close and I wanted to make sure I was out of the trade by days end. This trade was a fine example of why good things happen when you plan your trades and then stick to it. Profitable Trade PTR (Profitable Trade Ratio...Read Full Story

Federal prosecutors are trying again to convict the former chief executive of Brocade Communications Inc. in a stock options scandal that triggered hundreds of other investigations. Gregory Reyes was the first executive to stand trial over the so-called backdating of stock options. The practice involves falsely dating the purchase of options to the past when the company's stock price was low, for financial benefit. The company was accused of failing to disclose that to federal regulators. At...Read Full Story

Shares of Brocade Communications Systems Inc. fell Tuesday after the company denied speculation that it's looking for a buyer. "That's just wrong. Why would we want to go ahead and do that when we have never been in a better position than we are today?" CEO Mike Klayko said in a corporate video on fourth quarter results. He said Brocade has taken the trouble to provide a full suite of products and services to compete with larger competitors and it's "winning." Shares of Brocade fell 71 cents...Read Full Story

Is Brocade Communications Systems, Inc. ready to be taken over? There sure has been an uptick in Internet and media conversation including CNBC on a buyout . I went long today just prior to hearing further talk on http://www.daytradingradio.com/ . Since I am buying with the intent of selling higher to another sucker who thinks they can sell higher to another sucker. The big train just keeps on rolling. TOOT TOOT Chart is courtesy of TradeStation the leader in on-line trading.Read Full Story