UTStarcom went public in 2000, and for a time was seen as a smart way to play the China telecom boom. But it's become an example of what corporate lawyers can face when trying to square business practices common in China -- such as paying bribes and recognizing income before it's actually in company coffers -- with the corporate disclosures required by U.S. regulators. More than $300 million in revenue has come off the books, and the company has admitted to backdating stock options for executives.
October 29, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
In the fall of 2003, a group of executives from Alameda, Calif.-based UTStarcom Inc. stopped at a countryside restaurant in Vietnam to celebrate $30 million worth of telecom contracts.
“They bring out the snakes,” recalled a former UTStarcom employee who was there. “They say, ‘Does this look all right?’”
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