Lucent to pay $25 million as part of SEC settlement
Associated Press
MURRAY HILL, N.J. - Lucent Technologies Inc. agreed to pay a penalty of $25 million to the Securities and Exchange Commission in connection with last year's settlement of a two-year investigation into how certain revenue was reported.
Late in 2000, the telecom-equipment maker reported to the SEC that it had improperly booked $679 million in revenue during fiscal 2000. Lucent, which consented to a warning against further violations of federal securities laws, wasn't required to pay fines or make financial restatements under the agreement reached on Feb. 27, 2003.
In a press release Wednesday, Lucent said the $25 million penalty isn't based on any additional violations of law, but on what the SEC staff considered Lucent's lack of cooperation during the investigation and certain actions taken by the company subsequent to the agreement in principle.
Lucent, based in Murray Hill., N.J., said it made the payment without admitting or denying any liability. As part of the expected settlement, Lucent won't be required to make any financial restatements. Any settlement remains subject to final approval by the SEC.
Lucent's shares closed on the New York Stock Exchange at $3.93, up 8 cents. |
