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Williams Cos. Spinoff Probed

April 27, 2002|From Reuters

Williams Communications Group Inc. said Friday that the Oklahoma Department of Securities had launched an investigation into the broadband services provider's spin-off from Williams Cos. and into its recent filing for bankruptcy protection.

Tulsa, Okla.-based Williams Communications, whose high-speed communications network connects 125 U.S. cities, said it had informed the Oklahoma agency that it would cooperate fully with the investigation.

In its order initiating an investigation, the department said Williams Communications and Williams Cos. may have violated certain sections of state securities laws.

"We just received notice about the investigation, so we haven't had any time to meet with them," said Deborah Trevino, a Williams Communications spokeswoman.

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