Lucent Reaches Deal With SEC to End Probe
From Bloomberg News
Lucent Technologies Inc., a maker of telephone equipment, said it settled a Securities and Exchange Commission probe of $679 million in improperly recorded sales. Lucent doesn’t have to pay any penalties or restate results, and the company agreed to abide by securities laws.
The SEC began its investigation after Lucent reported the misstated revenue to regulators in 2000. At issue was the initial booking of $679 million in sales and later adjustment of fiscal 2000 revenue to exclude that amount after customers returned some unused equipment.
Shares of Murray Hill, N.J.-based Lucent rose 10 cents, or 6.6%, to $1.61 on the New York Stock Exchange.
