Alameda Telecom Firm Under Federal Scrutiny

You may have never heard of the Alameda-based networking technology firm UTStarcom, but with 2004 revenue of $2.7 billion, it happens to be the eighth-largest public company in the East Bay. Two weeks ago, company officials learned that the Security and Exchange Commission intends to recommend civil action against the company, Reuters reports. The Nasdaq stock market has already decided to strike UTStarcom from its roster; the company has appealed the decision. Now, Chief Technology Officer Bill Huang has jumped ship, and the company hasn’t filed any earnings statements for six months. What was once the second-largest high-tech firm in the East Bay may be on the verge of something serious. Stay tuned.

18,632FansLike
0FollowersFollow
67,429FollowersFollow

Newsletter sign-up

eLert sign-up

Oakland
overcast clouds
55.4 ° F
59 °
52 °
67 %
1.1mph
100 %
Wed
61 °
Thu
58 °
Fri
58 °
Sat
58 °
Sun
52 °