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Technology Stocks : Lucent Technologies (LU) -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (21078)	11/20/2002 8:05:28 PM
From: Jeff Jordan	Respond to of 21876

11/20 16:23 Lucent Executives Said Some Sales Hurt Future Results (Update1) By Justin Baer Murray Hill, New Jersey, Nov. 20 (Bloomberg) -- Lucent Technologies Inc. inflated sales at the expense of future revenue for at least two years, the company's top executives said in sworn statements. The company recorded sales to customers such as BellSouth Corp. before orders were placed and billed others for unshipped goods in fiscal 1999 and 2000, the executives said in depositions. The statements by Chairman Henry Schacht, former finance chief Deborah Hopkins and 12 others suggest how Lucent spurred its growth during the telecommunications boom of the late 1990s to satisfy investors. This helped the biggest U.S. maker of telephone equipment increase sales 26 percent in 1999, propelling its market value to more than $230 billion and fueling an acquisition spree. ``Lucent became intoxicated with Wall Street's expectations,'' Schacht said in a deposition taken in November 2001 for a lawsuit by Nina Aversano, Lucent's former head of North American sales. Aversano claims she was fired by Lucent for saying its financial forecasts were flawed and sued under New Jersey's whistleblower law. A trial is slated for January in Middlesex County Superior Court.