Lucent Technologies

(LU)

was down 6.5% in preopen

Instinet

trading after

The Wall Street Journal

reported that the

Securities and Exchange Commission

is investigating

possible accounting fraud at the telecommunications equipment giant.

The newspaper, citing unnamed sources, said the SEC is examining whether Lucent improperly recorded $679 million in revenue for the fiscal year ended Sep. 30.

Lucent announced an accounting change in December and has been cooperating with the SEC.