Sonus Networks Q3 revenues of $76.6 million compared with $75.5 million in the second quarter of fiscal 2007 and $76.0 million for the third quarter of fiscal 2006. The Company reported a net loss on a GAAP basis of $26.8 million, or $0.10 per share, for the third quarter of 2007, compared to a GAAP net loss of $7.0 million, or $0.03 per share, for the second quarter of 2007, and GAAP net income of $14.4 million, or $0.06 per diluted share, for the third quarter of 2006.
Sonus also announced an agreement to settle litigation against the company and certain of its former and current officers alleging violations of federal securities laws in connection with the company’s 2004 restatement. As part of the settlement, Sonus agreed to pay $40 million to the shareholder classes in the case. The company has approximately $15.3 million in insurance coverage that could be used to help offset the costs of this litigation as well as other litigation pending against the company and certain of its current and former officers and directors. http://www.sonusnet.com
