Occam in the News
Occam Networks Says SEC Investigation Ends Without Any Enforcement
Action - Update [OCNW]
November 15, 2007
Occam Networks Inc. (OCNW), a supplier of broadband access products, on Thursday said it received intimation from the Securities and Exchange Commission that the agency has completed the informal investigation into the company.
The SEC has ended the investigation with out recommending any action against the company.
Earlier, on September 9, 2007, the Santa Barbara, California-based company's Board determined that the company should restate its financial statements for fiscal years 2004 and 2005, and the corresponding interim fiscal periods, and for the first, second, and third quarters of fiscal 2006, due to the errors in the company's previous recognition of revenue.
On October 16, Occam Networks concluded its restatement of historical consolidated financial statements for 2004 through 2006.
OCNW is trading at $3.29 on a volume of 93K shares.