-
October 22nd, 2004, 04:43 AM
#1
Registered User
Qwest Agrees to Pay $250 Million Fine but Doesn't Admit Guilt!!!
The fine was the second-largest ever levied by the SEC for financial reporting fraud.
The Securities and Exchange Commission set the fine, accusing senior managers of directing a scheme to record one-time revenue from the sale of assets as recurring revenue from operations.
In a scathing 56-page complaint, the SEC accused Qwest of a "massive financial fraud" for falsely reporting sales or trades of capacity on its fiber-optic cables as recurring revenue.
It said Qwest was so dependent on the tactic to meet its growth projections that employees compared the company to a drug addict referred to the transactions as Qwest's "heroin."
Here's the rest of the story:
http://www.sfgate.com/cgi-bin/articl...739EDT0410.DTL
....hmmmm.
I use Qwest for my telephone service. Their billing practices are about as honest as AT&T's used to be....which isn't saying a whole lot...
-
October 22nd, 2004, 05:22 AM
#2
Registered User
So buy some shares and play hell and the next share holder meeting
Donna Jaegers, a research analyst with Janco Partners in Denver, said Qwest was expecting worse and had set aside $500 million.
"To the average person on the street, wow, $250 million is huge. To the people who are following it, it's not that much," she said.
Might sweeten the shareholders by sharing the rest out too
Last edited by Archer; October 22nd, 2004 at 05:26 AM.
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules
|
|
Bookmarks