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Lucent stock sinks on word of accounting probe

Friday, Feb. 9, 2001 | 11:13 a.m.

THE ASSOCIATED PRESS

NEW YORK -- Lucent Technologies Inc., the largest maker of phone equipment, today said its accounting practices are being probed by the Securities and Exchange Commission. The stock fell as much as 11 percent.

The investigation comes less than a year after Lucent tapped Boeing Co. executive Deborah Hopkins to be its chief financial officer. Seven months after she arrived in April, the company contacted the SEC to say it improperly recorded some sales in the fiscal fourth quarter. In December, Lucent restated revenue and profit for the quarter, which ended Sept. 30, a second time.

Lucent shares fell $1.75 to $15.14 in late-morning trading after dropping as low as $15. They plunged 81 percent last year as the company cut four quarters of profit forecasts in less than 10 months, predicted its first-ever decline in sales and fired Chief Executive Richard McGinn.

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