Blue Coat Announces Final Settlement with the Securities and Exchange Commission
SUNNYVALE, Calif., November 12, 2008 - Blue Coat Systems, Inc. (NASDAQ: BCSI) today announced that the Commissioners of the Securities and Exchange Commission (the "SEC") have authorized the final settlement between the Company and the SEC regarding its previously-disclosed inquiry into the Company's historical stock option granting practices and related accounting. Without admitting or denying the allegations in the SEC's complaint, Blue Coat has agreed to settle the charges by consenting to a permanent injunction against any future violations of certain provisions of the federal securities laws. No monetary penalties were assessed against the Company in conjunction with today's announced settlement.
"We are pleased to conclude this matter with the SEC and to continue our focus on execution and serving the needs of our customers," said Brian NeSmith, Blue Coat's president and chief executive officer.
This settlement concludes the SEC's formal investigation into the Company's historical stock option granting practices.
About Blue Coat Systems
Blue Coat secures Web communications and accelerates business applications across the distributed enterprise. Blue Coat's family of appliances and client-based solutions - deployed in branch offices, Internet gateways, end points, and data centers - provide intelligent points of policy-based control enabling IT organizations to optimize security and accelerate performance between users and applications. Blue Coat has installed more than 40,000 appliances worldwide. Blue Coat is headquartered in Sunnyvale, California, and can be reached at (408) 220-2200 or www.bluecoat.com.
FORWARD LOOKING STATEMENTS: The statements contained in this press release that are not purely historical are forward-looking statements, including statements regarding Blue Coat Systems' expectations, beliefs, intentions or strategies regarding the future, and including statements regarding the capabilities and expected performance of Blue Coat Systems' products. All forward-looking statements included in this press release are based upon information available to Blue Coat Systems as of the date hereof, and Blue Coat Systems assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These and other risks relating to Blue Coat Systems' business are set forth in Blue Coat Systems' Form 10-Q for the quarter ended July 31, 2008 and Form 10-K for the year ended April 30, 2008, filed with the Securities and Exchange Commission. .
