WorldCom


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WorldCom

A telecommunications company that was at one time the second largest long distance provider in the United States. It had a large role in the expansion of Internet use in the 1990s. It is known for its notorious bankruptcy in 2002 following massive accounting fraud that resulted in several executives receiving jail sentences and investors losing billions of dollars. WorldCom is often associated with the Enron scandal because they occurred at about the same time and because both WorldCom and Enron used the accounting firm Arthur Andersen. It is now called MCI and is a subsidiary of Verizon.
References in periodicals archive ?
Thus, the new regulations may trap WorldCom before its debts are formally discharged.
Without the AIG surety bonds, WorldCom "could default on contracts that generate in excess of $2 billion of revenue per annum.
WorldCom is committed to cultivating a global business environment company-wide and fostering a diverse supplier base.
MCI Worldcom also amended its offer in an effort to make it even more attractive to the Sprint board.
WORLDCOM partners are required to attend WORLDCOM's regional and global meetings twice annually.
If the warranty were made sometime in the previous five quarters, the period for which WorldCom is restating its results, the case for fraudulent misrepresentation is a strong one.
MCI Worldcom and Sprint had been hammering out the details of a combination the last two weeks, and both companies' boards had been planning to meet to consider a $93 billion stock swap - Sprint's board on Sunday and MCI Worldcom's on Monday.
Parker & Waichman and associated counsel is currently representing hundreds of current and former MCI WorldCom shareholders and employees who have opted out of the class action lawsuit that was certified last year by Judge Denise Cote in the Southern District of New York.
based MCI WorldCom and Sprint, headquartered in Westwood, Kansas, would attract scrutiny by regulators.
Parker & Waichman and associated counsel are currently representing hundreds of current and former WorldCom and MCI shareholders.
But its stunning $30 billion offer for MCI has WorldCom attempting to take over a company more than twice its size.
This is the first suit ever filed seeking a mental pain and suffering award for losses suffered by millions of investors who relied on the false advice of Salomon and Citigroup about WorldCom," said Mr.