July 31, 2006 |
A former telecommunications CEO has agreed to pay $4.4 million to settle an investigation into insiders who made windfalls in initial public stock offerings, according to the New York state attorney general's office. Clark McLeod, who had been chairman and chief executive of McLeodUSA, agreed to turn over profit he was accused of receiving from the so-called act of spinning, Atty. Gen. Eliot Spitzer said. The deal was to be formally announced today.
August 21, 2002 |
The Securities and Exchange Commission said its staff has finished processing the 691 certifications of corporate financial results that were due by Aug. 14, finding just 16--or 2.3%--that weren't able to sign off on their previous quarterly and annual numbers. Companies that weren't able to certify results were: ACT Manufacturing Inc., Adams Resources & Energy Inc., Adelphia Communications Corp., Alaska Air Group Inc., CMS Energy Corp., Consolidated Freightways Corp., Dynegy Inc., Enron Corp.
March 5, 2002 |
Verizon Communications Inc. will eliminate the equivalent of 10,000 jobs this year to lower costs as sales growth slows. The reductions add to the equivalent of 29,000 jobs cut last year, Co-Chief Executive Ivan Seidenberg said Monday at an investor conference in Orlando, Fla. Verizon ended 2001 with 247,000 employees, down 16,000 from the previous year. That doesn't include "equivalent" head count, which the company said includes overtime and contractors.
October 1, 2002 |
Five telecom industry executives, including Los Angeles sports mogul Philip F. Anschutz and former WorldCom Inc. chief Bernard J. Ebbers, were sued Monday by New York state on charges that they steered business to a big Wall Street brokerage in exchange for hot stock offerings. The civil suit by New York Atty. Gen. Eliot Spitzer alleges that the men directed corporate finance work for their firms to Salomon Smith Barney, the brokerage arm of Citigroup Inc.