The Nasdaq Stock Market notified UTStarcom that it is not in compliance with marketplace rules because it has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2005. Therefore, the company’s common stock will be delisted at the opening of business on March 29, 2006 unless UTStarcom requests a hearing. UTStarcom said it intends do so and that the delayed filing is because it needs additional time to enable the audit committee of its Board of Directors to complete an investigation with regard to the circumstances surrounding the premature recognition of revenue on a contract with a customer in India and certain other transactions.
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