Qwest Says Error Led to SEC Rule Violation
- Share via
Qwest Communications International Inc. blamed a clerical error for information on its newest board member that was omitted in regulatory filings, a violation of federal rules. Qwest, under investigation by the Securities and Exchange Commission for its accounting practices, did not disclose that Thomas Donohue also serves as a director for Union Pacific Corp., of which Philip Anschutz is vice chairman. Anschutz is Qwest’s largest shareholder.
Qwest also omitted Donohue’s memberships on the boards of XM Satellite Radio Holdings Inc. and Sunrise Assisted Living Inc. A Qwest spokesman said a reporter informed him that the omissions occurred on the 2001 and 2002 proxies and the company’s Web site. He said it was a clerical error.
Shares of Denver-based Qwest fell 26 cents to $5.03 on the New York Stock Exchange.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
