Qwest considers restating $1bn in revenues

NEWS Qwest Communications is considering restating its financial reports for the last year to exclude around $1bn of revenues under formal investigation. According to a report in the Wall Street Journal, the company may restate its 2001 financial results. The new management team is attempting to disassociate itself from the accounting practices that led to the company's share collapse and the departure of CEO Joe Nacchip earlier this month.