Murray Hill, N.J. (March 3, 2003) -- Lucent Technologies said it reached a deal with the Securities and Exchange Commission to end the commission's investigation of the company.

Under the agreement, Lucent said it would consent to a settlement enjoining it from future violations of federal securities laws without admitting or denying any wrongdoing. The agreement, which is subject to final approval of the commission, does not require the firm to pay any fines or penalties and does not require the firm to make any financial restatements.

The investigation stemmed from revenue recognition issues that Lucent publicly disclosed and reported to the SEC in November and December 2000. After conducting its own investigation, the company in December 2000 reduced its fourth fiscal quarter 2000 revenues by $679 million that it had improperly recorded.

"We are very pleased to be able to put this issue behind us in this manner and totally focus on moving our business forward," Lucent chairman and chief executive Patricia Russo said in a statement.

-- Electronic Accountant Newswire Staff

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access