U.S. court overturns conviction for backdating stock options

08/19/2009 | NYTimes.com

The conviction of Gregory L. Reyes, former CEO of Brocade Communications Systems, for illegally backdating stock options was overturned by a U.S. appeals court. The court said another trial is necessary because of prosecutors' misconduct, although the three-judge panel did not dismiss the charges against Reyes. The case was the first high-profile conviction of a corporate executive in connection with backdating stock options.

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