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The case against former Brocade Communications Systems Inc BRCD.
O Chief Executive Gregory Reyes, 44, may be decided soon by a jury that began deliberating his fate on Monday.
The security software maker reported that it has recalculated stock options awarded to former president Kevin Weiss, who was dismissed in mid-October 2006 for allegedly backdating some of his options to inflate their value.
Mc Afee also re-priced options given to former chief executive George Samenuk, who was accused of participating in the backdating incident and subsequently announced his retirement from the company.
Mc Afee said that it may also report additional options pricing adjustments at some point as its investigation into the matter remains ongoing.
For example, former Monster Worldwide Inc (Comverse Technology Inc’s CMVT. District Court in San Francisco expressed doubts about the government’s case in a hearing last month after defense attorney Richard Marmaro asked him to acquit Reyes in mid-trial, citing insufficient evidence. An acquittal could make prosecutors think twice about bringing criminal charges in other backdating cases in which personal gain was not a motive and evidence of intentional wrongdoing is not obvious. N, Comverse Technology, Monster Worldwide and Engineered Support Systems Inc. attorney who first headed the Brocade case, has left the office for a job in private practice.A guilty verdict is anything but certain, analysts said, and the judge has said he could dismiss the charges in case of a conviction.“Everybody is watching it with respect to how a jury will respond to these kinds of allegations,” said attorney Charles Ross, former head of the white collar defense group at Herrick, Feinstein LLP.The company said it had also reduced the value of 100,000 shares granted to Weiss in July 2003, increasing the price tag of the option to .60 per share from its original figure of .20 per share to match the price of the stock at the time that the options were originally approved.Another 100,000 shares of common stock granted to Weiss in December 2003 with an exercise price of .41 per share were adjusted to .00 per share to indicate their value at the time of assignment, while a fourth stock option covering 100,000 shares awarded to the former Mc Afee president in May 2004 had its exercise price of .57 per share increased to .75 per share.
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