The Commission stated: "Ulticom, Inc. ("Ulticom" or the "Company") engaged in two separate fraudulent schemes through which it materially misstated its financial results. The first scheme involved certain improper practices in connection with backdating of Ulticom stock options. The second scheme involved improper accounting practices . . . . The misconduct began in 1996, when Ulticom was a wholly-owned subsidiary of Comverse Technology, Inc. ("Comverse"), and continued after Ulticom became a publicly-traded company, while still majority-owned by Comverse, in 2000."

The SEC stated that: "[It] filed settled civil charges against Ulticom, Inc. and a former executive, Lisa M. Roberts, for two separate fraudulent schemes, involving improper options backdating practices and certain improper accounting practices. The Commission's Complaint against Ulticom alleges the misconduct began in 1996, when Ulticom was a wholly-owned subsidiary of Comverse Technology, Inc. ("Comverse"), and continued after Ulticom became a publicly-traded company, while still majority-owned by Comverse, in 2000."

The Court stated: "Defendant Ulticom, Inc. ("Defendant" or "Ulticom") . . . consented to the Court's jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."