Lipid phosphatase which dephosphorylates phosphatidylinositol 3-monophosphate (PI3P) and phosphatidylinositol 3,5-bisphosphate (PI(3,5)P2) ( , ). Has also been shown to dephosphorylate phosphotyrosine- and phosphoserine-containing peptides . Negatively regulates EGFR degradation through regulation of EGFR trafficking from the late endosome to the lysosome . Plays a role in vacuolar formation and morphology. Regulates desmin intermediate filament assembly and architecture . Plays a role in mitochondrial morphology and positioning . Required for skeletal muscle maintenance but not for myogenesis . In skeletal muscles, stabilizes MTMR12 protein levels .
Subcellular locations: Cytoplasm, Cell membrane, Cell projection, Filopodium, Cell projection, Ruffle, Late endosome, Cytoplasm, Myofibril, Sarcomere
Localizes as a dense cytoplasmic network . Also localizes to the plasma membrane, including plasma membrane extensions such as filopodia and ruffles . Predominantly located in the cytoplasm following interaction with MTMR12 . Recruited to the late endosome following EGF stimulation . In skeletal muscles, co-localizes with MTMR12 in the sarcomere (By similarity).