UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 4, 2014
UBIQUITI NETWORKS, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
001-35300 (Commission File Number) |
32-0097377 (IRS Employer Identification No.) |
2580 Orchard Parkway
San Jose, CA 95131
(Address of principal executive offices, including zip code)
(408) 942-3085
(Registrants telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events.
As previously reported, in June 2011 Ubiquiti Networks, Inc. (the Company) filed a self-disclosure with U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) regarding potential violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (the ITSR). On March 4, 2014, the Company entered into a settlement agreement with OFAC resolving this administrative matter. Based upon its review of the matter, OFAC identified certain apparent violations (Apparent Violations) of the ITSR by the Company during the period of in or about March 2008 through in or about February 2011. Pursuant to the terms of the settlement agreement, the Company agreed to make a one-time payment to the U.S. Department of the Treasury in the amount of $504,225 in consideration of OFAC agreeing to release and forever discharge the Company from any and all civil liability in connection with the Apparent Violations. The entering into of the settlement agreement is not an admission that the Company engaged in any of the Apparent Violations. The Company previously accrued a reserve of $1.6 million relating to this matter in fiscal 2010 and, accordingly, reversed the excess of the accrual as of the effective date of the settlement agreement. See, Part IIOther Information, Item 1. Legal Proceedings in the Companys report on Form 10-Q for the quarterly period ended December 31, 2013.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 5, 2014 | Ubiquiti Networks, Inc. | |||||||
By: | /s/ Craig L. Foster | |||||||
Name: | Craig L. Foster | |||||||
Title: | Chief Financial Officer |
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