Lucent says may face SEC enforcement
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Lucent Technologies Inc. LU.N   said on Wednesday that U.S. regulators have said it may face   legal action stemming from an investigation into the   telecommunications equipment maker's China operations.
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THREE senior officials running one of Americaâs junior stockmarkets could face civil charges relating to its options market, following a probe by US watchdog the Securities and Exchange Commission.
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The Securities and Exchange Commission may bring a civil action against the American International Group Inc. and a subsidiary for their role in helping PNC Financial Services Group Inc.
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(InfoWorld) - The U.S. Securities and Exchange Commission (SEC) warned Lucent Technologies to expect an "enforcement action" over violations of the Foreign Corrupt Practices Act (FCPA) by executives at its Chinese operations. In April 2004, Lucent fired the president, chief operating officer, a marketing executive and a finance manager at its Chinese operations following a company investigation into the use of bribery by Lucent executives to secure contracts. The firing of the four executives was the result of FCPA violations uncovered by Lucent, and was reported to the SEC and the U.S. Department of Justice. On Tuesday, Lucent reported in an SEC filing that it had received a Wells notice from the SEC related to violations of the FCPA by Lucent China. A Wells notice is used to inform a company that SEC staff has made a preliminary recommendation to take action against it. The FCPA violations uncovered by Lucent in 2004 did not have a material impact on the company's business. However, Lucent is not able to determine whether the ongoing investigation into those violations will have an impact on the company's operations in China or elsewhere, the filing said.
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Citigroup Inc. (CN: Quote, Profile, Research) on Friday said US securities regulators may recommend enforcement proceedings against the former head of Citigroup Global Investment Management.
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Citigroup Inc. C.N on Friday said  U.S. securities regulators are thinking of recommending  enforcement proceedings against the former head of Citigroup  Global Investment Management.
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Switzerland's largest bank, UBS, confirms it may face legal action from US federal regulators for possible breaches of securities law.
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(InfoWorld) - AlcatelÂ shareholders have been urged by a French advisory group to reject theÂ proposed merger with Lucent Technologies, citing unfavorable financial and corporate governance terms. Proxinvest, which provides services for institutional investors holding shares in the French company, said strategic aspects of the deal make sense, but that the financial terms appear "quite unfavorable" to Alcatel shareholders and that the corporate governance conditions are "very disappointing." The group is against removing the age limit for the position of chairman, and a rule that a two-thirds majority of directors would be needed to dismiss the chairman or chief executive officer of the combined company. It made its recommendation in a letter to fund managers published on its Web site earlier this week. Proxinvest's views are at odds with that of a U.S. advisory group, Institutional Shareholder Services (ISS), which supports the deal. Lucent and Alcatel shareholders are due to vote on the merger Sept. 7. In the U.S., meanwhile, a group of shareholders is trying to block the Lucent shareholder vote, arguing that the company's board of directors is failing to maximize shareholder value. A New Jersey Superior Court judge will consider on Sept. 6 whether to grant an injunction blocking the vote, according to a filing by Lucent with the U.S. Securities and Exchange Commission on Tuesday. Lucent called the action without merit. The European Commission and the U.S. Federal Trade Commission have approved the merger, which was announced in April. The networking equipment vendors, which sell optical core switches, DSLAMs (Digital Subscriber Line Access Multiplexers) and other networking gear, would have had combined revenue of $25 billion for 2005. If the merger goes ahead, Lucent Chairman and CEO Pat Russo will become CEO of the company, which would be renamed Alcatel Lucent. Serge Tchuruk, chairman and CEO of Alcatel, would become its non-executive chairman. The merger would create a networking giant that will compete with Siemens and Telefonaktiebolaget LM Ericsson, among others. Lucent has a strong foothold in North America, while Alcatel has a strong customer base in Europe. The proposed merger comes after increased competition has put pressure on both companies' bottom lines. For its fiscal third quarter ending June 30,Â Lucent reported revenueÂ of $2.04 billion, compared with $2.14 billion in the previous quarter and $2.34 billion in the same quarter a year ago. Lucent attributed the decline to slower sales in North America and China. Alcatel'sÂ net income droppedÂ for its second quarter to â¬180 million ($226 million as of June 30, the last day of the period reported) from â¬196 million a year earlier. It's net revenue increased to â¬3.4 billion, from â¬3.1 billion a year earlier.ADVERTISEMENTMAKE SOA REAL WITH IBM WEBSPHERE PODCASTStreamline processes and maximize efficiency within a proven service oriented architecture. Take back control of your business processes with IBM WebSphere.
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Securities regulators are planning sanctions against a company that sold high-fee mutual funds to military officers, sources familiar with the situation said Friday. Some big fund companies said they may reconsider the "contractual plan" funds.
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Lucent Technologies, the nation&#39;s biggest telecommunications equipment maker, said yesterday that the Securities and Exchange Commission was considering suing three former executives over possible
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Citigroup Inc., the world&#39;s largest bank, said the Securities and Exchange Commission may take enforcement action against Thomas Jones, the investment- management chief who is leaving the company.
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The Securities and Exchange Commission is preparing enforcement actions against three US stock exchanges -- and possibly the head of one of them -- over charges that in-house regulators failed to adequately enforce their own rules
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Lucent Technologies Inc. said Monday that three of its former employees have been notified by the Securities and Exchange Commission that regulators are considering recommending civil action against them.
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The Securities and Exchange Commission is considering a civil action against American International Group Inc. and its AIG Financial Products Corp.
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US securities regulators may file suit against Morningstar Inc., a provider of mutual fund and stock research, over incorrect data it published about a mutual fund, the company said on Friday.
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European stock market regulators are concerned that a possible takeover of the London Stock Exchange by its Frankfurt rival Deutsche Boerse would make regulation in the sector more difficult, the Committee of ...
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Research firm Morningstar Inc. could face civil charges by the Securities and Exchange Commission for failing to promptly correct inaccurate information it published about a mutual fund, according to a newspaper report Friday.