UTStarcom Won't File on Time

"UTStarcom (UTSI:Nasdaq - commentary - research), struggling with a bookkeeping morass, won't file its 2004 financial report with the SEC on time. The failure puts the wireless networking outfit in technical default on a series of bonds."

"Alameda, Calif.,-based UTStarcom expects to file the 2004 10-K and an amended 10-K for 2003 by April 15. The company is restating a number of line items to reflect revised accounting for related-party transactions, taxes, inventory and other matters. The 2004 annual report had been due Thursday."

[The Street]

Investors who purchases put options (as mentioned in the previous article on UTSI) would have made out considerably.

This company never fails to disappoint:

UTSTARCOM INC (RT-ECN)
Symbol: UTSI
Last Trade: 10.75 12:00PM ET
After Hours Change: N/A
Today's Change: 1.09 -9.20%
Bid: 10.74
Ask: 10.76