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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who wrote (175270)6/25/2002 7:16:31 PM
From: pressboxjr  Read Replies (1) of 436258
 
18:26 ET WCOM WorldCom engaged in accounting fraud: CNBC (0.83 -0.08)

CNBC reporting that WCOM has engaged in fraudulent accounting over the past five quarters; says that company recorded many regular expenses as capital expenditures, boosting EBITDA by $3.6 bln over the past five quarters. CNBC also reports that the CFO has been dismissed in the last 48 hours. Though misreporting regular expenses as capex does not affect cash flow, it can affect estimates of a company's future earnings power; CNBC also adds that the company will soon restate its earnings to reflect these issues. WCOM plunges after hours to 0.38, off 0.50 from the close.
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