Blue Coat Systems, the maker of software that speeds up computer networks, said the Securities and Exchange Commission started a formal probe of its stock-option grants. The SEC, which was previously conducting an informal review, has subpoenaed a former executive, according to a regulatory filing Tuesday by Blue Coat. The manager wasn’t identified by the Sunnyvale company. After completing an internal investigation into the grants last year, Blue Coat cut profit for the 2000-2006 period by $49 million.
