Update: Lucent Says SEC Hasn't Made Any Charges of Wrongdoing
Updated from 3:06 p.m. ET
Lucent
(LU)
said the
Securities and Exchange Commission
has made "no charges of any kind" against the company for questionable accounting issues.
In a brief statement responding to a report in
TheStreet Recommends
The Wall Street Journal
, the company said the revenue recognition issues were "not new news." This morning's report indicated that the SEC was investigating whether Lucent improperly booked $679 million in revenue during the fiscal year ended Sept. 30, 2000.
Shares of Lucent lately lost $1.61, or 9.5%, to $15.28 in afternoon trading on the
New York Stock Exchange
. The intraday low is $14.90, and the 52-week bottom is $12.18.
"This is not new news. We were quite clear in our November and December announcements that we were sharing information with the SEC, and that is what we have done," Lucent said.
Lucent also said it has taken remedial actions, such as
revising revenue for the fourth quarter and taking appropriate disciplinary action "including the termination of an employee."
