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One of the highest fliers of the technology bubble -- Sycamore Networks -- reported Tuesday that's opening a research and development center in China. The announcement came on the heels of the company's report that it believes its latest financial reports bring it in compliance with its Securities and Exchange Commission obligations.
Sycamore, which develops fixed-line and mobile network products, said the research center is based in Shanghai's Caohejing Hi-Tech Park and will be overseen by Tao Yang, who is one of Sycamore's original intelligent-optical team members. Yang is a graduate of Beijing's Tsinghua University.
Daniel E. Smith, Sycamore's president and CEO, said the Chinese facility will enable the company to deliver advanced networking products. "This is a strategic investment that we believe will accelerate new feature development and enhance the value of the solutions we bring to our customers," he said in a statement.
Late last week, Sycamore filed financial reports for its third quarter ending April 28. Revenue was $43.5 million, compared with $22.9 million for the third quarter a year earlier. Results for the company's first, second, and third quarters had been delayed while it reviewed its stock options reports.
"The company believes it is now current in its SEC reporting obligations and believes that it has complied with all conditions set forth for continued listing by the Nasdaq Listing Qualifications Panel," Sycamore stated.
Sycamore had been one of the highest fliers in the technology bubble; its stock was offered at $38 in its October 1999 IPO and hit $270 a share on its first day of trading. Like other networking companies that soared during the bubble, Sycamore's stock eventually collapsed.