Bloomberg – A former Foundry Networks Inc. executive is set to face a federal jury over accusations that he passed inside information about the company’s $3 billion acquisition by Brocade Communications Systems Inc. (BRCD) that helped California hedge funds make $27 million.
David Riley, Foundry’s former chief information officer, allegedly gave the tip about the 2008 deal to a former colleague, Matthew Teeple, who had gone to work as an analyst for a San Francisco hedge fund. Teeple then shared the information with other friends and his hedge fund, prosecutors said.
