Occam in the News
Occam Networks: SEC concludes probe with no enforcement action
recommended
November 15, 2007
NEW YORK (Thomson Financial) - Occam Networks Inc. Thursday said the informal investigation of the company by the enforcement division of the Securities and Exchange Commission has been concluded and that the division doesn't intend to recommend any action.
In March, the company notified its audit committee of a letter its finance department had discovered in which the company had committed to providing a customer with a free third-party product and free training. The audit committee determined that other similar transactions existed, leading to a September restatement of the company's financial results for fiscal years 2004 and 2005.
The company advised the SEC of the audit committee's investigation and pending restatement, and filed its annual report with the restated financial results on Oct. 16. Shares of Occam rose 11.3% to $3.34 in early trading.