Sycamore Hit With Wells Notice From SEC

Law360, New York (November 21, 2007, 12:00 AM EST) -- The U.S. Securities and Exchange Commission sent Sycamore Networks Inc. a Wells Notice Tuesday, indicating increased odds that the commission will pursue a civil enforcement action against the optical networking company for its alleged stock-option backdating.

Sycamore disclosed the Wells Notice Thursday in a public 8-K filing with the SEC, pledging also to submit a response.

Sycamore said the Wells Notice stated that, based on a previously initiated and previously disclosed investigation into Sycamore’s “historical stock option granting practices and related accounting," the SEC has taken...
To view the full article, register now.