SEC Closes Probe Into Carrier Restatements

Law360, New York (March 27, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission’s investigation into Carrier Access Corp.’s restatement of financial results from 2003 and 2004 has come to a close, with authorities recommending no enforcement action, the communications technology company said.

The SEC on Tuesday had no comment on Carrier Access’ announcement.

Boulder, Colo.-based Carrier Access also announced a $7.4 million settlement agreement which would resolve consolidated class action securities litigation filed in the wake of the announcement that the company would restate some of its financials.

In June 2005, three shareholder...
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