10 July 10, 2002 -- Qwest Communications International Inc. was yesterday informed by the US Attorney's office in Denver, CO, US, that it had begun a criminal investigation of the company.
The U.S. Attorney's office did not disclose the subject matter of the investigation. In a brief statement Qwest said it plans to fully cooperate with the US Attorney's office.
Shares in the company were suspended ahead of the announcement, but they fell 35% to USD1.67 after trading restarted. Qwest's share price had been as high as USD64 in March 2000.
Last month, the company replaced its long-serving chairman and chief executive, Joseph Nacchio, with Richard Notebaert. The company said that Mr Nacchio had resigned voluntarily, but many believehe was asked by the board to step down.