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Lucent to Be Fined for Behavior During Probe

March 18, 2004|From Bloomberg News

Lucent Technologies Inc., the largest U.S. maker of phone equipment, said the Securities and Exchange Commission would ask the company to pay a $25-million penalty for "lack of cooperation" during an investigation.

Lucent, based in Murray Hill, N.J., will be fined because of the company's behavior during a probe, settled last year, of $679 million in improperly recorded sales, the company said. The penalty also relates to unspecified "certain actions" taken after the agreement was reached. Lucent declined to elaborate.

Lucent had been under investigation for making adjustments to fiscal 2000 revenue after customers returned some unused equipment. In the initial settlement, announced February 2003, Lucent said it wouldn't have to pay penalties or restate results. The company plans to make the payment without admitting or denying liability.

From Bloomberg News

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