DENVER—A federal judge has thrown out some claims in a civil lawsuit the Securities and Exchange Commission filed against former Qwest executives, including former CEO Joe Nacchio.
For now, U.S. District Judge Marcia Krieger has let stand allegations focusing on whether Denver-based Qwest Communications International Inc. misled investors by not specifying how much of its revenue between 1999 and 2002 was one-time and how much was recurring. A hearing is set April 14 for the SEC to clarify remaining claims, including insider trading allegations against Nacchio.
Some claims tossed Wednesday concerned whether defendants improperly helped Qwest backdate certain sales or record revenue from leases of its fiber-optic network upfront rather than over the life of the multiyear contracts.
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Information from: The Denver Post,
