Sprint Nextel Corporation (S) Bid Development

UTStarcom admitted to giving $7 million to Chinese government officials for sales contracts. That act was a violation of the Foreign Corrupt Practices Act.

“DISH Network Corp. (NASDAQ:DISH) believes that this information is relevant to the public interest analysis of the proposed transaction, and that it is incumbent upon the proposed transferee SoftBank to provide a full explanation of these matters,” the filing said.

A further mountain to climb for SoftBank is this: In January the DOJ, FBI, and Department of Homeland Security asked the FCC to hold off on evaluating the public merits of the transaction to give those law enforcement agencies time to thoroughly assess the national security implications of the merger.

So even though it got the SEC’s approval, SoftBank will still have to get through the gauntlet one step at a time.

The article SoftBank Jumps 1 Hurdle In Its Bid for Sprint originally appeared on Fool.com.

Fool contributor Dan Radovsky has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.

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