May, 2003 : Qwest Investigation Expands, Talks Continue

📅 May 30, 2003 - Qwest Communications (qwest.com ) said yesterday that the U.S. Securities and Exchange Commission (SEC) is expanding its ongoing investigation into the telecom carrier's accounting practices.

?The investigation has been expanded to include inquiry into further adjustments and restatements the company has made as well as additional transactions,? said Qwest.
The company says it is cooperating with the investigations that have now been in progress for over a year and involve both the SEC and the U.S. District Attorney's office for the District of Colorado.
A recent report in the New York Times said there is speculation that the company is in talks to settle the potential fraud charges.
Qwest Communications is a provider of voice, video and data services to more than 25 million customers. The company reported Thursday a first quarter net profit of $150m, or 9 cents per share.

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