Former hedge fund analyst Matthew Teeple pleaded guilty on Wednesday to a criminal conspiracy charge in connection with the 2008 takeover of a technology company.The former Artis Capital Management analyst told U.S. Magistrate Judge James Francis in Manhattan that he received tips from David Riley, a former chief information officer at Foundry Networks Inc, including one about the company's pending $3 billion takeover in 2008 by Brocade Communications Systems Inc.Teeple, 42, pleaded guilty to one count of conspiracy to commit securities fraud. He also agreed to forfeit $553,890, according to his plea agreement."I deeply regret the role that I played in this illegal conduct," he told the judge.
Brocade Communications Systems, Inc. (Brocade) is a supplier of networking equipment, including end-to-end Internet Protocol (IP)-based Ethernet networking solutions and storage area networking solutions for businesses and organizations of all types and sizes, including global enterprises, and service providers, such as telecommunication firms, cable operators and mobile carriers. Shares of BRCD traded higher by 0.45% or $0.04/share to $8.95. In the past year, the shares have traded as low as $5.23 and as high as $10.96. On average, 6604390 shares of BRCD exchange hands on a given day and today's volume is recorded at 5162243.
Communications Systems, Inc. (CSI) is engaged through its Suttle and Austin Taylor business units in the manufacture and sale of modular connecting and wiring devices for voice and data communications, digital subscriber line filters, and structured wiring systems and through its Transition Networks business unit in the manufacture and sale of media and rate conversion products for telecommunications networks. Shares of JCS traded higher by 0.27% or $0.03/share to $11.09. In the past year, the shares have traded as low as $9.57 and as high as $13.92. On average, 13100 shares of JCS exchange hands on a given day and today's volume is recorded at 10389.
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