Microtune Settles with SEC

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Microtune Inc. said Friday that it has reached a settlement with the Securities and Exchange Commission.

The SEC initiated an investigation in August 2003 of the RF-based-solutions vendor’s financial statements for the year ended Dec. 31, 2001, and the quarters ended Sept. 30, 2001, Dec. 31, 2001, March 31, 2002, June 30, 2002, and Sept. 30, 2002.

Microtune settled the enforcement proceedings without admitting or denying the SEC’s findings, and the company consented to a cease-and-desist order requiring future compliance with specific provisions of federal securities laws and regulations.

The settlement does not require the vendor to pay a penalty.

“Microtune cooperated fully with the SEC as it conducted this investigation, and it is pleased to resolve this matter," CEO Jim Fontaine said in a prepared statement.

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