SEC won't take enforcement action against iBasis

Burlington's iBasis Inc., a wholesale carrier of international long-distance calls, said that it has been notified by the Securities and Exchange Commission that the SEC agency has terminated its investigation into the company's past stock option grant practices.

According to the iBasis press release, the SEC staff "does not intend to recommend any enforcement action against the company, or any of its current or former officers or directors."

In 2006, iBasis Inc. fired a top executive and said it would restate past financial statements following an investigation into its past stock-option practices, an AP story noted.

IBasis has been in the news of late on other matters. Royal KPN N.V., the Dutch national carrier that owns a controlling stake in iBasis, has been seeking to buy shares in iBasis that it doesn't already own. Claiming that Royal KPN's offer price is inadequate, iBasis is urging its minority shareholders to rebuff Royal KPN's offers. (Globe Staff)