LAWSUITS NEWS & LEGAL INFORMATION
Contracts Fraud
This is a settlement for the Commercial lawsuit.
San Francisco, CA: (May-01-08) The US Securities and Exchange Commission (SEC) brought charges against UTStarcom Inc., a maker of telecommunications infrastructure, handsets, and customer premise equipment for telecommunications service providers or operators, over an investigation that revealed that discrepancies in the company's financial disclosures during prior reporting periods, historic stock option grant practices, certain historical sales contracts in China and other matters.
SEC officials stated that the two sides had reached a settlement agreement, in which UTStarcom agreed to settle the charges by consenting to a permanent injunction against any future violations of the reporting, books-and-records and internal control provisions of the federal securities laws. The settlement did not include any admission of wrongdoing by the company.
The suit also named chief Executive Hong Lu as a defendant. In a settlement reached with him, Lu agreed to a civil penalty of $100,000 and agreed to a permanent injunction on similar terms as the company. His settlement is subject to a final judgment by a US District Court. In similar vein, Lu didn't admit or deny the allegations under the terms of the settlement agreement. [FORBES: UTSTARCOM REACHES SETTLEMENT IN OPTIONS, SALES INVESTIGATION]
Published on May-3-08
SEC officials stated that the two sides had reached a settlement agreement, in which UTStarcom agreed to settle the charges by consenting to a permanent injunction against any future violations of the reporting, books-and-records and internal control provisions of the federal securities laws. The settlement did not include any admission of wrongdoing by the company.
The suit also named chief Executive Hong Lu as a defendant. In a settlement reached with him, Lu agreed to a civil penalty of $100,000 and agreed to a permanent injunction on similar terms as the company. His settlement is subject to a final judgment by a US District Court. In similar vein, Lu didn't admit or deny the allegations under the terms of the settlement agreement. [
Legal Help
If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.Published on May-3-08
