Sprint Escapes SEC Tax Probe
The U.S. Securities and Exchange Commission has closed its investigation of Sprint's tax practices and will take no action against the company. The SEC launched its investigation in July 2012 and closed the probe last month. Sprint is still being targeted by New York Attorney General Eric Schneiderman, however, for what he believes is Sprint's failure to properly collect sales taxes for its wireless plans over the last seven years. The New York case is ongoing and Schneiderman is seeking $300 million in back-taxes from Sprint. Sprint denies any wrongdoing.
Sprint to Face $300M Tax Fraud Charge In Court
Sprint lost its bid to have a $300 million lawsuit dismissed and will now face the State of New York in court. The office of New York Attorney General Eric Schneiderman alleges that Sprint failed to collect about $100 million in taxes from its New York-based customers over a period of seven years.
Qualcomm Settles with SEC Over China Incentives
Qualcomm today agreed to pay the SEC a fine of $7.5 million to settle an investigation being conducted over potential Foreign Corrupt Practices Act (FCPA) violations. The SEC alleges that Qualcomm improperly gave state representatives of China financial benefits including travel, jobs, gifts, and event tickets.
State Attorneys Respond to FCC Net Neutrality Vote with Lawsuits
A number of lawmakers and public officials at the state level have promised to fight the FCC's Dec. 14 vote to overturn net neutrality rules.
Sprint to Digest $150 Million Charge On Layoff Costs
Sprint will be forced to take a $150 million charge to cover costs associated with laying off staff, according to a filing with the SEC. Sprint announced plans to cut an undisclosed number of staffers earlier this year.
Sprint Settles Lawsuit Over Nextel Merger for $131 Million
Sprint today settled a class-action lawsuit regarding its 2005 acquisition of Nextel for $131 million. Investors claim Sprint executives defrauded shareholders by inflating stock and bond prices after Sprint closed its acquisition of Nextel.