Accounting & Tax

SEC Intensifies Sonus Probe

The telecom-equipment supplier previously announced that it was reviewing the timing of its revenue recognition.
Stephen TaubJuly 1, 2004

Sonus Networks, a provider of voice Internet products, said the Securities and Exchange Commission has upgraded an informal investigation to a formal probe.

On February 11, the company announced the launch of its own independent investigation following a delay in reporting its fourth-quarter and full-fiscal-year financial results for the year ended December 31, 2003.

In April, the company said it was reviewing the timing of revenue recognition and that it expected its review will lead to a restatement of its financials for the fiscal year ended December 31, 2002, and for the first three quarters of fiscal year 2003.

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Meanwhile, the company said Nasdaq extended to July 19 the deadline for the company to file its financial reports.

The Associated Press said the company could not be reached to comment on the reason of its filing delay and the details of the SEC investigations.

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