QWEST COMMUNICATIONS: Judge won’t dismiss civil fraud claims
Written on March 15, 2009
U.S. District Judge Marcia Krieger denied motions by former executives at Qwest Communications International Inc. to dismiss civil fraud claims made by the Securities and Exchange Commission.
The SEC alleges that five former employees of the Denver-based telecommunications company artificially inflated Qwest’s share price by misrepresenting one-time "IRU" sales as recurring revenue.
Former Qwest CEO Joseph Nacchio and former Chief Financial Officer Robert Woodruff have argued that classified information would show the U easy payday loans.S. intelligence community’s demand for Qwest IRUs was robust, but that the government has invoked the state-secrets privilege in refusing to disclose the information, hampering their defense.
FROM STAFF AND WIRE REPORTS
Filed in: business.