UTStarcom Announces Change of Auditor
September 12 2017 - 7:50AM
UTStarcom (NASDAQ:UTSI) (the “Company”), a global
telecommunications infrastructure provider, today announced that it
has dismissed Crowe Horwath LLP (“Crowe”) and appointed Grant
Thornton in China as the Company’s independent registered public
accounting firm effective September 1, 2017. Grant Thornton
in China is the Chinese member firm of Grant Thornton International
Limited and is one of the leading “full service” accounting firms
in China. The Company appointed Crowe in February 2017 after
GHP Horwath, P.C. (“GHP”)’s partners and employees joined Crowe.
The Company’s Audit Committee and Board of Directors participated
in and approved this change.
“We appreciate the interim effort of Crowe
Horwath and thank their team for their support during our
engagement,” said Tim Ti, CEO of UTStarcom. “We are happy to
now have put in place a permanent solution to our audit
needs. Grant Thornton is an outstanding choice for UTStarcom
due to its international recognition and ability to respond to our
needs.”
Since Crowe’s engagement in February 2017 and
through the date of this announcement, there were no (i)
disagreements with Crowe on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedures, which disagreements if not resolved to its satisfaction
would have caused Crowe to make reference in its reports on the
Company’s consolidated financial statements for such years to the
subject matter of the disagreement, or (ii) “reportable events,” as
such term is defined in Item 16F(a)(1)(v) of Form 20-F, except that
(a) prior to its dismissal, Crowe and the Company were in the
process of performing procedures on (1) accounting treatment with
respect to deferred revenues and the costs of certain divested
businesses, and (2) accounting policies with respect to certain
contracts primarily in India, including multiple-element
arrangements, customer acceptance provisions, accounting for
long-term contracts, accounting for service contracts, and
accounting for performance security deposits, each of which
resulted in an actual, or planned, expansion of audit scope by
Crowe, and (b) material weaknesses in internal control over
financial reporting were communicated to the Company related to the
Company having insufficient resources with an appropriate level of
knowledge and experience in U.S. GAAP to properly account for
complex accounting issues, including investment accounting and
revenue recognition. The Company’s Audit Committee and Board of
Directors discussed with Crowe the subject matter of these
disagreements and internal controls over financial reporting
matters. The Company dismissed Crowe prior to concluding on the
items listed above and prior to Crowe issuing any audit reports on
the Company’s consolidated financial statements. The Company has
authorized Crowe to respond fully to the inquiries of Grant
Thornton concerning these matters.
The Company plans to file its annual report on
Form 20-F for the year ended 2016 on or around November 15, 2017.
In addition, the Company expects to announce its unaudited
financial results for the first three quarters of 2017 as soon as
possible after the completion of the third quarter of 2017.
About UTStarcom Holdings
Corp.
UTStarcom (NASDAQ:UTSI) is a global telecom
infrastructure provider dedicated to developing technology that
will serve the rapidly growing demand for bandwidth from
cloud-based services, mobile, streaming and other applications. We
work with carriers globally, from Asia to the Americas, to meet
this demand through a range of innovative broadband packet optical
transport and wireless/fixed-line access products and solutions.
The Company’s end-to-end broadband product portfolio, enhanced
through in-house Software Defined Networking (SDN)-based
orchestration, enables mobile and fixed-line network operators and
enterprises worldwide to build highly efficient and resilient
future-proof networks for a range of applications, including mobile
backhaul, metro aggregation, broadband access and Wi-Fi data
offload. Our strategic investments in media operational support
service providers expand UTStarcom’s capabilities in the field of
next generation video platforms. UTStarcom was founded in 1991,
started trading on NASDAQ in 2000, and has operating entities in
Tokyo, Japan; San Jose, USA; Hangzhou, China; Delhi and Bangalore,
India. For more information about UTStarcom, please visit
http://www.utstar.com.
For investor and media inquiries, please
contact:
UTStarcom Holdings Corp.Tel: +852-3951-9757
Fei Wang, IR DirectorEmail:
fei.wang@utstar.com
Ning Jiang, Investor RelationsEmail:
njiang@utstar.com
In the United States:
The Blueshirt Group Mr. Ralph FongTel: +1 (415)
489-2195Email: ralph@blueshirtgroup.com
UTStarcom (NASDAQ:UTSI)
Historical Stock Chart
From Mar 2024 to Apr 2024
UTStarcom (NASDAQ:UTSI)
Historical Stock Chart
From Apr 2023 to Apr 2024