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Strategies & Market Trends : Making Money is Main Objective

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To: Softechie who started this subject	2/9/2001 10:38:18 AM
From: Softechie	of 2155

DJ Lucent Down -2: Investigation Follows FY00 Restatement 09 Feb 09:52 NEW YORK (Dow Jones)--Shares of Lucent Technologies Inc. (LU) plunged at the opening bell Friday after The Wall Street Journal reported the Securities and Exchange Commission is investigating possible fraudulent accounting practices at the company. The probe focuses on whether Lucent improperly booked $679 million in revenue during fiscal year 2000. According to a source familiar with the investigation, the SEC's enforcement division is investigating Lucent's methods of booking sales, the Journal reported. In November, Lucent said it had identified a revenue recognition issue of $125 million. In December, the company restated the fourth quarter, which ended Sept. 30, trimming a total of $679 million from its previously reported numbers. Both times, the company said it was notifying the SEC. Shares of Lucent recently traded down 8.8%, or $1.48, to $15.41 on volume of more than 8.4 million compared to average daily volume of 27.2 million. -By Johnathan Burns, Dow Jones Newswires; 201-938-2020; johnathan.burns@dowjones.com (END) DOW JONES NEWS 02-09-01 09:52 AM

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