BusinessCompany NewsSEC Lucent probe much wider than first thought

SEC Lucent probe much wider than first thought

The SEC's formal investigation into Lucent technologies' accounting and financial-reporting practices is far broader than the company first thought, according to the Wall Street Journal.

Link: $1bn tax rebate for Lucent (

The paper claims the SEC is investigating auditing practices while US Treasury Secretary Paul O’Neill served as a board member and that the probe covers possible earnings manipulations dating back as far as the mid-1990s.

Lucent claims the investigation is close to completion and only goes as far back as 2000.

A Lucent spokesman told Accountancy Age there ‘is nothing new here’ and that the company brought it to the attention of the SEC two years ago. ‘We continue to co-operate fully with the SEC in an effort to bring this matter to closure,’ he said.

The SEC refused to comment.

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