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Introduction Lucent Technologies Lucent Technology is North America's leading maker of telecom equipment and software, including switching and transmission equipment and business communications systems. web.mit.edu/wysockip/www/535/2000/3-08.doc Lucent Technologies, started trading publicly in 1996 with an initial public offering that was, at the time, the largest in domestic history (Hayes, 1999). In December 1999, Lucent's stock reached a high of $77.78 and was the nation's fourth most widely held stock (Romero and Atlas, 2001). But by July 2001, Lucent's stock was trading at $6.43, the SEC was investigating its accounting practices, and several former, high-level managers had been sanctioned by the SEC or were under criminal indictment for wrong-doing while at Lucent. (Romero and Atlas, 2000). The plunge in stock value (exhibit 1) was primarily the result of a November 21, 2000, announcement in which Lucent said it had to restate its financial statements as a result of an internal investigation revealing accounting irregularities....

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