Boulder, CO: (Mar-26-07) A class action securities-related litigation filed in June 2005 against Carrier Access Corporation, a leading provider of wireless and converged access solutions, stemmed from a US Securities and Exchange Commission (SEC) inquiry related to the company's restatement of financial statements for fiscal years 2003 and 2004. The suit was filed against the company and certain of its executive officers and directors alleging they served to perpetuate the inaccuracies. In a proposed settlement, Carrier Access would pay $7.4 million in satisfaction of the claims, all of which would be funded by proceeds of the company's directors and officers' insurance policy. Carrier Access also announced that the SEC has closed its formal inquiry related to the Company's restatement of financial statements. [
MARKETWIRE: CARRIER ACCESS SETTLEMENT]
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