Lucent Technologies Inc. on Thursday disclosed it had reached a preliminary agreement with the Securities and Exchange Commission to conclude an investigation without admitting or denying any wrongdoing.
Murray Hill, N.J.-based Lucent said it would consent to a settlement forbidding the company from “future violations of the anti-fraud, reporting, books and records and internal control provisions of the federal securities laws.”
The agreement, which is subject to final SEC approval, neither subjects Lucent to any fines nor requires the company to issue financial restatements, according to the telecom equipment giant.
The SEC is investigating a number of telecommunications companies for artificially inflating their revenue and earnings.
In November 2000 Lucent disclosed there were issues regarding $125 million in revenue. The following month Lucent announced a $679 million reduction in fourth quarter revenue after completing an audit review.
