03/19/2009
SEC Dismisses Civil Suit Against Former McAfee General Counsel Kent Roberts
Palo Alto, CA -- March 19, 2009 -- Today, Cooley Godward Kronish announced that the Securities & Exchange Commission has dismissed with prejudice its civil suit against former McAfee, Inc. general counsel Kent Roberts. The dismissal closes the book on Roberts' nearly three-year battle with the Department of Justice and SEC related to charges of improper backdating of stock options.
“The SEC’s decision to dismiss its civil case against Kent, together with his acquittal on federal criminal charges in late 2008, signals his complete and total vindication on all charges of wrongdoing in this matter," said William Freeman, co-chair of Cooley's Securities Litigation practice who, together with partner Neal Stephens, represented Mr. Roberts in the SEC case. "We are extremely gratified to have achieved this result, and thankful that Kent had the courage to fight these unjust charges."
Commenting on his successful defense against all government charges, Mr. Roberts said, “This has been a very trying time for me and my family. I trusted in God that the truth would come out. I want to thank my wife Susan, our families and our friends for their unwavering support. Of course, I have nothing but praise and respect for Cooley Godward Kronish and the work they did in achieving justice for me.”
Roberts was charged in February 2007 with participation in improper backdating of stock options at the Santa Clara-based security technology company, despite the fact that he never ran or supervised the stock option program at McAfee. The US Department of Justice filed criminal charges and the SEC simultaneously pursued a civil claim against him.
Cooley attorneys represented Mr. Roberts in all phases of his defense. In October 2008, following a three-week jury trial, Mr. Roberts was acquitted of two counts of mail fraud in the U.S. District Court for the Northern District of California. A third charge was promptly dismissed. It was the first and only acquittal for any executive facing federal criminal charges related to alleged stock option backdating .
During the civil suit proceedings, the Cooley team secured several notable victories related to discovery and venue that ultimately contributed to the dismissal of the SEC suit.
In addition to Freeman and Stephens, Mr. Roberts’ defense team included Cooley Chairman Stephen C. Neal and litigation associates Shannon Eagan, Chris Durbin, Einat Sandman Clarke, Allison Cheung and Meghana RaoRane.
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