A federal jury in San Francisco just came back with a backdating verdict against former Brocade CEO Gregory Reyes: Guilty on nine counts (everything but one conspiracy count).
It was the second backdating trial against Reyes: After he was convicted of 10 felony counts in August 2007 for backdating employee stock options at San Jose-based Brocade, he was sentenced to 21 months in prison and given a $15 million fine. But then the Ninth Circuit U.S. Court of Appeals threw out the conviction last year, saying prosecutors had misled jurors with false assertions during closing arguments.
Cooley Godward Kronish Chairman Stephen Neal led Reyes' defense team this time around. During the first trial, that role had been filled by Skadden, Arps, Slate, Meagher & Flom partner Richard Marmaro.
Reporter Kate Moser's still at court, but tells us the defense is planning to file a motion for a new trial, and will appeal if that's denied. We'll have a full story on The Recorder's Web site later this afternoon.