WorldCom stock drops into single digits
Monday, July 1st 2002, 12:00 am
By: News On 6
Monday was the first day of trading for WorldCom stock since revelations of an accounting scandal wasn't pretty.
The stock fell sharply, losing 90% of its value in early trading to end up at six cents a share. WorldCom faces federal charges over its admission last week that it hid nearly $4-billion in expenses.
Monday, the telecom-giant told the government it's looking into possible irregularities in its reserve accounts. The SEC says, "criminal charges may be too good" for those responsible for the WorldCom accounting scandal.