Wednesday
Jan162008
What a difference a day makes...
Wednesday, January 16, 2008 at 8:28AM Two big results today for investors --- just one day after the plaintiffs bar fell into depression over the Supreme Court decision in Stoneridge (see post below) --- a jury verdict of $280 million for securities fraud committed by Apollo Group, and a 21-month jail sentence with $15million in penalties for options backdating by Brocade CEO Reyes. Unfortunatley in Brocade the Judge denied restitution for shareholders ...which is why we need private civil cases like Apollo Group:
KPHO Phoenix |
Apollo Group Ordered to Pay $280M The Associated Press - By doing so, jurors said, Apollo violated federal securities laws. The verdict, which comes after a two-month trial in US District Court in Phoenix, ... Apollo Loses Lawsuit, Must Pay Up to $277.5 Million (Update4) |
The Associated Press |
Former Brocade CEO Reyes sentenced to 21 months in stock-option case San Jose Mercury News, USA - A jury of three men and nine women spent six days in August deliberating the case, before returning a guilty verdict on 10 criminal charges, ... Denied new trial, Brocade’s Reyes to be sentenced |
Thank goodness we still have jurys in both civil and criminal cases.
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