Brockade, Backdating, and the Securities Laws

As we follow the backdating cases at state law, it is only appropriate to note some of the developments at federal law.  Vaughn Marshall has provided a post about the motion for acquittal filed in the Reyes case   At the state level these are fiduciary duty cases.  At the federal level they are disclosure cases, brought under the antifraud provisions.  As the judge apparently indicated at the hearing on the motion for acquittal, federal law does not prohibit backdating but what it does prohibit is false disclosure.