Judge narrows SEC lawsuit against ex-Qwest execs
April 2, 2009
U.S. District Judge Marcia Krieger let stand allegations focusing on whether Denver-based Qwest Communications International Inc. misled investors by not specifying how much of its revenue between 1999 and 2002 was one-time and how much was recurring.
Some claims tossed Wednesday concerned whether defendants improperly helped Qwest backdate sales or record revenue from leases of its fiber-optic network upfront rather than over the life of the contracts.
Nacchio was convicted on insider trading charges and is serving a six-year prison term, but a court last year ruled the sentence was too harsh.
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