Lucent Drops 6.5% on SEC Probe
Lucent Technologies
(LU) - Get Lufax Holding Ltd American Depositary Shares two of which representing one Report
was down 6.5% in preopen
Instinet
trading after
The Wall Street Journal
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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.
