Lucent has been under investigation from the SEC since November 2000 when it admitted certain ‘revenue recognition issues that it publicly disclosed and brought to the SEC’s attention’.
Under the agreement in principle, the company would pay no fines or penalties. Neither would it be required to make any financial restatements. ‘What it means is that we are hopefully drawing a line under the matter,’ said a Lucent spokesman.
The two and a half year investigation has been a distraction that Lucent could have done without in a telecoms climate best described as catastrophic.
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The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements