February 14, 2005 |
Directors of MCI Inc. agreed late Sunday to sell the long-distance carrier to Verizon Communications Inc. for about $6.7 billion in cash and stock, people close to the deal said. The decision to hitch up with the nation's largest telephone company further transforms the U.S. telecommunications industry into one dominated by a few national behemoths that serve international corporations as well as households. Only two weeks ago, AT&T Corp.
September 24, 2004 |
Former Qwest Communications International Inc. executive Thomas Hall pleaded guilty to a single misdemeanor count of falsifying documents, ending the first criminal case stemming from a federal investigation of the company. In exchange, prosecutors dropped three counts of wire fraud and one count of securities fraud. Hall, who also agreed to cooperate with investigators who are still looking into Qwest, faces up to a year in prison and a fine of as much as $100,000.
September 11, 2004 |
Qwest Communications International Inc. has agreed to pay $250 million to settle fraud charges, a source familiar with the matter said. Qwest has agreed to settle the Securities and Exchange Commission case without admitting or denying guilt, the source said. The SEC has been investigating whether the Denver-based phone company inflated revenue by incorrectly booking network capacity deals. Qwest shares rose 15 cents to $3.03 on the New York Stock Exchange. From Reuters * Sprint Corp.
September 1, 2004 |
A former Qwest Communications International Inc. executive facing his second trial over allegedly fraudulent accounting pleaded not guilty to the federal government's new indictment. Thomas Hall, a former senior vice president of sales, faces three counts of wire fraud and one count of securities fraud. He is accused in an alleged scheme of improperly booking nearly $34 million in revenue as part of a June 2001 deal with the Arizona School Facilities Board to link public schools to the Internet.
August 25, 2004 |
Verizon Communications Inc. and Qwest Communications International Inc. have asked a federal court to overturn the U.S. government's decision to freeze prices paid by competitors to use local telephone networks. The Federal Communications Commission last week ordered companies including Verizon, Qwest, SBC Communications Inc. and BellSouth Corp. to maintain for six months discounted rental rates given to AT&T Corp., MCI Inc. and other telephone companies.
August 4, 2004 |
Qwest Communications International Inc. reported a wider second-quarter loss, citing lower local telephone service sales and costs associated with litigation and job cuts. Qwest posted a net loss of $776 million, or 43 cents a share, compared with a loss of $64 million, or 4 cents, in the second quarter of 2003. Revenue totaled $3.4 billion, down 4.3%. Excluding special items, the company's loss was 16 cents a share.
July 29, 2004 |
The Securities and Exchange Commission is seeking to force Qwest Communications International Inc.'s former general counsel, Drake Tempest, to testify in its probe of the telephone company's accounting. Tempest failed to appear for scheduled testimony in June after he received a subpoena, the SEC said in papers filed in federal court in Denver on Wednesday.
July 28, 2004 |
The Securities and Exchange Commission filed a civil fraud charge Tuesday against a former executive of a Qwest Communications International subsidiary, alleging that he concealed a $112-million overstatement of revenue. The complaint alleges that Michael Felicissimo, who was chief financial officer for Qwest Wireless, hid the improper recognition of revenue from mobile phone products and services. The complaint, filed in U.S.
June 22, 2004 |
Two former Qwest Communications International Inc. executives agreed Monday to settle Securities and Exchange Commission lawsuits that accused them of helping cover up a 2001 revenue shortfall at the Denver telecom company, federal court documents showed. Former Senior Vice President Augustine Cruciotti agreed to pay $150,000. Steven Haggerty, a former regional vice president, agreed to pay $30,000 to settle the lawsuits without admitting wrongdoing in the matter.
June 11, 2004 |
A federal grand jury re-indicted former Qwest Communications executive Tom Hall over his role in a 2001 accounting scandal but narrowed the scope of charges against him, court documents showed. The original trial of four former Qwest Communications International Inc. executives, including former senior vice president Hall, 52, had been a showcase by the government of its efforts to prosecute corporate misconduct.