3SOF

gaining mom.  Should be good at least till $5.

Excuse my chart notes, a little unorthodx, but it gets the job done.

Happy trading!

Under SEC cloud. Today's action only due to SUNW purchase of a networking storage company. Spke me be shortlived, i assume.

RADNOR, Pa., May 24, 2005 /PRNewswire via COMTEX/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all securities purchasers of Brocade Communication Systems, Inc. (BRCD, Trade) ("Brocade" or the "Company") between February 21, 2001 and May 15, 2005 inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at [email protected].

The complaint charges Brocade, Gregory L. Reyes and Antonio Canova with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that Brocade improperly accounted for the cost of stock-based compensation; (2) that Brocade did not follow appropriate option granting guidelines; (3) that the Company lacked adequate internal controls; and (4) that as a consequence of the foregoing the Company's financial results were in violation of Generally Accepted Accounting Principles and were materially inflated at all relevant times.

On January 6, 2005, the Company announced that it expected to restate its financial statements for fiscal years ending 2002 and 2003 to record additional stock-based compensation expense as a result of an internal review. The news shocked the market. Shares of Brocade fell $0.52 per share or 7.51 percent, on January 7, 2005, to close at $6.40 per share. On January 24, 2005, the Company announced that the Company expected to record additional stock-based compensation charges. On this news shares of Brocade fell another $0.57 per share or about 10 percent, on January 24 and January 25, 2005, to close at $5.83 per share. Then, on May 16, 2005, before the markets opened, the Company announced that the Company will restate its financial statements for the fiscal years ending 2002 through 2004 to record additional charges for stock-based compensation expense. On this news shares of Brocade fell $0.12 per share or 2.91 percent, on May 17, 2005, to close at $4.01 per share.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com.

If you are a member of the class described above, you may, not later than July 18, 2005, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.


CONTACT:  Schiffrin & Barroway, LLP 
               Marc A. Topaz, Esq. 
               Darren J. Check, Esq. 
               280 King of Prussia Road 
               Radnor, PA 19087 
               1-888-299-7706 (toll-free) or 1-610-667-7706 
               Or by e-mail at [email protected] 

SOURCE Schiffrin & Barroway, LLP


Schiffrin & Barroway, LLP: Marc A. Topaz, Esq. or Darren J. Check, Esq., 
+1-888-299-7706, +1-610-667-7706 or [email protected] 

http://www.prnewswire.com 

Copyright (C) 2005 PR Newswire. All rights reserved.

BUSINESS SUMMARY   
Brocade Communications Systems, Inc. engages in the design, development, marketing, sale, and support of data storage networking and application infrastructure management solutions. It offers storage networking switches, which provide bandwidth and high-speed routing of data; and support key applications, such as data backup, remote mirroring, and high-availability clustering, as well as transaction processing applications, including enterprise resource planning and data warehousing. The company also offers SAN Management Operating System that provides the infrastructure for deploying SANs, as well as offers management tools that enable end-users to manage and administer their SANs; and The SilkWorm Fabric Application Platform, which is designed to host SAN fabric-based storage management applications while integrating with existing Brocade SAN infrastructures. In addition, it provides Tapestry Application Infrastructure solutions, which comprise software and/or systems that are connected to a customer's shared storage environment to provide new capabilities for the customer that extend and complement the SAN connectivity and management of its SilkWorm switches. The company also offers a range of professional services to assist customers in the design, implementation, and operation of their SAN, and to provide extended customer support. Its products are marketed, sold, and supported worldwide primarily through various distribution partners, including original equipment manufacturer partners, value-added distributors, and reseller partners, including systems integrators. The company operates in Western Europe and the greater Asia Pacific region. Brocade Communications Systems was founded in 1995 and is headquartered in San Jose, California.

(from premium board)

Quote from: Terliso on May 24, 2006, 03:00:30 PM
Shorted BRCD just now ....

Shorted it @ $5.92

Im in with you on this one around 5.92 too! last couple days was a little hard to watch I set my stop loss at 6.37. Today was good sign we can have more downside. Keep in touch terliso im looking to cover around 5.50s

Quote from: nullzero on May 30, 2006, 05:49:29 PM
Im in with you on this one around 5.92 too! last couple days was a little hard to watch I set my stop loss at 6.37. Today was good sign we can have more downside. Keep in touch terliso im looking to cover around 5.50s

That is right Nullzero... last week, emotions kicks in right after I shorted it because BRCD keeps coming up but I keep fighting my emotion now I'm just down 6 cents.


I'm looking to cover BRCD around $4.80 or the touch of the 50(SMA) weekly scale -- if I have the chance
--- My stop loss still in place @ 6.45 that would be a loss of 8.95%

BRCD Chart Updated:

BRCD Chart 2:

Good looking short. I may join you in the morning if the market shows a continuance of today's weakness. I like short plays that have rallied a bit but are rejected at a moving average like the 20 ema, 50 sma, or 200 sma. BRCD was rejected at the 50.

Quote from: nullzero on June 05, 2006, 03:04:22 PM
Hey terliso still hold BRCD? Im still in that sucker just seems to be hesistant on going down. I covered my DHI a day ago in the low 26s i missed out on todays gain

I'm still holding... Currently trading @ 6.16
My stop @ $6.45 still standing

I'm now only holding 3 stocks all short
PHM, COGN, BRCD

hi,
shorting brcd. 605.
open below 6 in the morning?
maxi

BRCD looks good for a breakdown... Lets watch this guy im in at 5.92 looking to cover mid to low 5s

Quote from: rickjust on June 05, 2006, 05:29:52 PM
hi,
shorting brcd. 605.
open below 6 in the morning?
maxi

Good pick up rickjust

BRCD is having a hard time breaking the 50SMA looking good for a breakdown...
I'm still in RED with Nullzero @ 5.92..

I'm also short BRCD and I'm waiting patiently. It will break to the down side. Good luck

hi,
after such a bearish day with brcd holding on this looks set to go higher tomorrow
max