|Monday March 11, 6:06 pm Eastern Time|
SOURCE: WorldCom, Inc.
WorldCom Receives SEC Inquiry
CLINTON, Miss., March 11 /PRNewswire-FirstCall/ -- WorldCom, Inc. (Nasdaq: WCOM; MCIT) today said that it has received a confidential request from the Securities and Exchange Commission for voluntary production of documents and information. The request is available on the company's website at worldcom.com.
The request addresses the following areas:
* WorldCom's 3Q00 pre-tax charge associated with wholesale accounts
* Disputed customer bills and sales commissions (requests 7, 18)
* WorldCom's accounting policies for goodwill and implementation of FAS
142 (Requests 8-17)
* WorldCom organizational charts and personnel records for former
employees (Requests 19-20)
* Loans by WorldCom to officers or directors (Request 21)
* Integration of WorldCom and MCI's computer systems (Request 22)
* WorldCom's tracking and review of analysts' earnings estimates
* Federal or state agency investigations of WorldCom (Request 24)
WorldCom said that it believes all of its policies, practices, and procedures have complied, and continue to comply, with all applicable accounting standards and laws. Additionally, the company said that it intends to cooperate with the Commission's inquiry and that it will respond to the Commission's request as promptly as possible. The company said it is not aware of any information that would give rise to the Commission's inquiry.