House Requests Global Crossing's Financial Records
A congressional committee has asked Global Crossing (GBLXQ) to turn over numerous financial records and internal documents by March 26, the Dow Jones News Service reported.
The telecommunications company, which filed for Chapter 11 bankruptcy protection in January, is under investigation by the Securities and Exchange Commission for alleged accounting improprieties.
"We look forward to working with the committee in connection with this request," the company said in a statement late Tuesday.
According to news reports, the House of Representatives Energy and Commerce Committee said Global Crossing may have used accounting similar to Enron, which filed for bankruptcy in December.The accounting practices allegedly had the effect of raising Global Crossing's revenue without increasing its cash flow. Arthur Andersen was the auditor for Global Crossing and Enron. The House committee said Tuesday it has requested all records related to the sale of Global Crossing shares or options exercised or sold by Global Crossing's directors, officers and employees from 1998 to the present, Dow Jones said.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV