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Tuesday, July 23, 2024 | Back issues
Courthouse News Service Courthouse News Service

SEC Sues UTStarcom CEO & CFO

SAN FRANCISCO (CN) - The CEO and CFO of UTStarcom inappropriately certified more than $350 million in earnings, failed to recognize $27.5 million in stock options grants, and signed false annual reports for six years, despite being put on notice about the violations, the SEC claims in Federal Court.

The SEC sued UTStarcom Hong Liang Lu and CFO Michael Sophie for their actions from 2000-2006.

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