AltiGen to drop board member over blackout breach

13 January 2009

California-based telecoms technology provider AltiGen Comunications will not re-nominate Eric Wagner to its board after the company discovered that he had traded shares in the firm during "blackout" periods, it has been reported.

Silicon Beat, which reports on firms based in Silicon Valley, said a filing submitted to the Securities and Exchange Commission on Monday (January 12th) states that Mr Wagner also failed to submit the proper paperwork covering his purchase of around 785,973 AltiGen shares.

The website said the acquisition required the completion of around 100 separate forms.

Mr Wagner, who in addition to sitting on AltiGen's board also runs his own investment firm, submitted a 13D filing detailing his increased holding on December 12th - months after it was due, the site said.

According to AltiGen's filing, Mr Wagner, a member of the company's audit and compensation committee, will leave the board at the next annual shareholders' meeting, which is slated for February 9th.

Established in 1996 as one of the first voice over internet protocol technology specialists, AltiGen now has over 10,000 customers worldwide.

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