Irvine-based Lantronix Inc. said Wednesday that it’s reached a preliminary settlement with the Securities and Exchange Commission over a financial restatement in 2002.
The company said it would not pay any monetary penalties as part of the settlement with regional staff of the SEC. Lantronix was neither admitting guilt nor denying wrongdoing as part of the deal.
The proposed settlement still needs final approval from the SEC.
The Department of Justice started investigating the company in 2002 over allegedly misleading investors through its accounting practices following the technology crash in 2000.
Lantronix restated its 2001 financial results, eliminating about $7.4 million in sales that year.
The company makes servers that allow electronic devices, such as bar code scanners, point-of-sale terminals and automated teller machines, to be accessed and controlled over the Internet and across local area networks, or LANs.
The company’s stock was up 3.5% in late trading Wednesday.
