Global Crossing

(GBLX)

turned itself around and was off just 4.9%, or $1.44, to close at $28 after sinking as low as $26.13 on an erroneous report that the company had restated first-quarter results today. The restatement was announced last spring but was again mentioned in documents filed today with the

Securities and Exchange Commission

TheStreet Recommends

. The company is expected to issue a statement clarifying the situation.