June 3, 2008
Nix Patterson reached a settlement in a securities class action, in which they served as co-lead counsel, on behalf of its client, the Arkansas Public Employees Retirement System. The $160 million settlement will return funds to stockholders of Brocade Communications Systems, Inc. based on the company’s improper backdating of stock options. Gail Stone of the Arkansas Public Employees Retirement System called the settlement an “outstanding recovery” and stated that, based on her calculations, the settlement represents close to a 100% recovery of the class’ total damages.
The Arkansas Public Employees Retirement System was represented by NP partners Jeffrey Angelovich and Brad Beckworth.