WorldCom Delayed amid Giant Accounting Violation
WorldCom (WCOM ) shares were delayed at $0.83 after saying it found a total of $3.852 billion in transfers from line cost expenses to capital accounts violated generally accepted accounting principles (GAAP). The company fired its chief financial officer, Scott Sullivan; senior VP and controller David Myers resigned. Robertson Stephens cut its rating on the shares to market underperform. S&P dropped coverage. According to CNBC, the Dept. of Justice will review WorldCom's books for evidence of potential criminal wrongdoing.
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