Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (11382)	11/6/2002 8:57:44 AM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 57110

07:11 ET GS Goldman Sachs, JP Morgan may face civil charges in IPO case (76.74) The Wall Street Journal reports that the enforcement staff of the SEC has notified Goldman Sachs that it has recommended filing civil securities-fraud and market-manipulation charges against the firm for allegedly steering IPOs to investors who signaled plans to buy additional shares. JP Morgan was also notified that its securities unit could face similar civil charges for IPO laddering.

To: Jorj X Mckie who wrote (11382)	11/6/2002 9:00:47 AM
From: mishedlo	Read Replies (1) \| Respond to of 57110

Futures dumping - did IBM cause that? M

To: Jorj X Mckie who wrote (11382)	11/6/2002 9:04:07 AM
From: X Y Zebra	Respond to of 57110

infoworld.com WorldCom warns of another restatement By Stephen Lawson and Joris Evers November 6, 2002 5:26 am PT update BANKRUPT TELECOMMUNICATION SERVICE provider WorldCom expects to make an additional restatement of its past financial results that might bring the total of all its adjustments to more than $9 billion, the company warned in a statement Tuesday. On the same day, the U.S. Security and Exchange Commission (SEC) expanded its civil complaint against WorldCom, adding charges and expanding the scope of the alleged fraud, the SEC said in a statement. WorldCom has restated past results twice already this year, making adjustments that reduced its pretax profit by about $7.68 billion for periods in the years 2000, 2001, and 2002. The Clinton, Miss.-based company faces both criminal investigations and civil suits. WorldCom informed the SEC during settlement discussions about the probable additional restatement, according to the WorldCom statement. It was based on "very preliminary reviews of past accounting," the company said. Once WorldCom's review is complete it will make the final information public, it said. The company said restatements of past earnings won't affect its ability to continue providing services or to emerge from bankruptcy in mid-2003. According to a news report Tuesday, WorldCom and the SEC have presented to the federal judge overseeing the case a plan for settlement of the SEC's charges against the company. A deal might be announced within a week or two, the report said. The SEC has since denied that a settlement could mean it will ask the court to dismiss the fraud charges, according to reports in the online editions of The Wall Street Journal and The New York Times newspapers on Wednesday. The SEC filed civil charges against WorldCom on June 26, the day after WorldCom announced it would restate its results for 2001 and the first quarter of 2002. WorldCom has since expanded the restatement amount and period. The amended SEC complaint alleges WorldCom misled investors from 1999 through the first quarter of 2002 and overstated its income by about $9 billion. Stephen Lawson is a senior correspondent with IDG News Service in San Francisco, an InfoWorld affiliate. Joris Evers is an Amsterdam correspondent for the IDG News Service, an InfoWorld affiliate.