By Kate Hanaghan, 30 July 2002 09:30
NEWS After revealing yesterday it had improperly booked sales worth $1.16bn, shares in Qwest Communications took a nose-dive during early trading. Although shares closed only 0.67 per cent down to $1.49, they were at one point languishing at $1.11. The company is already under investigation by the Securities and Exchange Commission (SEC) for its accounting practises. Yesterday's revelation that it lumped together the value of contracts rather than accounting for sales as they were earned prompted fears the company will become the next WorldCom.
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