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Wednesday
Jan162008

What a difference a day makes...

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 - 54 minutes ago
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) Bloomberg
all 160 news articles »


The Associated Press
Former Brocade CEO Reyes sentenced to 21 months in stock-option case
San Jose Mercury News,  USA - 1 hour ago
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 FinancialWeek (subscription)
all 211 news articles »

Thank goodness we still have jurys in both civil and criminal cases.

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