February
2012
Friday, April 02, 2010
The Associated Press, The New York Times, 

Some Claims Dismissed for Ex-Qwest Officials

DENVER (AP) — A federal judge has thrown out some claims in a civil lawsuit filed by the Securities and Exchange Commission against former Qwest executives, including Joseph P. Nacchio, the former chief executive.

 

United States District Judge Marcia S. Krieger let stand accusations focusing on whether Qwest Communications misled investors by not specifying how much of its revenue from 1999 to 2002 was one-time and how much was recurring.

A hearing is set for April 14 for the S.E.C. to clarify remaining claims, including insider trading accusations against Mr. Nacchio and Robert S. Woodruff, the former chief financial officer, that hinge on those claims, Judge Krieger wrote.

Some claims dismissed Wednesday concerned whether defendants improperly helped Qwest backdate sales or record revenue from leases of its fiber optic network upfront rather than over the life of the contracts. The S.E.C. claimed that both practices could have given investors a misleading picture of revenue.

Posted by Tracey on 04/02/10 at 01:40 PM •  (0) Comments

Related Scoundrals

Share Your Ire

blog comments powered by Disqus