June 19, 2007
Reyes Trial Opens - Backdating
The backdating cases opened with the trial of Gregory Reyes, the former CEO of Brocade Communications. Justin Scheck reports at the Recorder, on Law.com, on how intent will be key defense argument. This argument is coupled with a claim of reliance on others - the accountants. With intent inferred from the circumstances, this can be a difficult position to maintain. But this case may be unique in that these practices are difficult to understand. Will the jury be confused enough to appreciate that a defendant might rely on others to handle these matters? Will they find that the backdating was not done with a fraudulent intent?
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