Qwest Completes Audit, Revises Revenue Error
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Qwest Communications International Inc., under investigation by the Securities and Exchange Commission for the last 19 months, said a final audit of results for 2000 and 2001 shows that it overstated revenue by $2.49 billion.
The company previously said it overstated the results by $2.47 billion. Qwest, the largest telephone carrier in 14 Western states, exaggerated its revenue from transactions that included network-capacity swaps with other carriers.
The final audit of Denver-based Qwest’s annual reports paves the way for the company to reach a settlement with the SEC, which also is investigating whether executives steered business to suppliers in return for shares in hot initial public offerings.
Shares of Qwest rose 8 cents to $3.70 on the New York Stock Exchange.
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