Blue Coat Systems

(BCSI)

said the Securities and Exchange Commission is investigating possible insider trading at the networking equipment company.

The Sunnyvale, Calif., maker of so-called proxy appliances said in a postclose press release that the agency is conducting a formal investigation of the company. Blue Coat said it will cooperate with the inquiry, which it believes covers "whether certain present or former officers, directors, employees, affiliates or others made intentional or non-intentional selective disclosure of material nonpublic information, traded in the Company's stock while in possession of such information, or communicated such information to others who thereafter traded in the Company's stock."