Qwest Employees Locked Out Of Buying Company Stock
Company's Battered Shares Have Nearly Tripled In Value
POSTED: 11:14 a.m. MDT August 23, 2002
UPDATED: 11:59 a.m. MDT August 23, 2002
DENVER -- Qwest employees are being locked out of buying company stock in their 401(k) program at a time when the company's battered shares have nearly tripled in value.
Employees haven't been able to add shares to their 401(k) plans since the beginning of the month.
Qwest shares have soared from an all-time low of $1.07 a share last week to $2.91 this week.
Its stock shot up after the announcement that its yellow pages business is being sold for more than $7 billion.
The decision to block 401(k) stock purchases stems from the Securities Exchange Commission investigation and an upcoming restatement of the company's financial results.
Previous Stories:
- August 21, 2002: Qwest Gets Conditional Long-Distance OK
- August 13, 2002: Qwest To Pay $1 Million Plus In Landmark Settlement
- August 8, 2002: Qwest Posts $1.1 Billion Loss
- July 29, 2002: Qwest To Restate Earnings From 1999 To 2001
- July 10, 2002: Qwest Subject Of Criminal Investigation
- June 17, 2002: Nacchio Out As Qwest CEO
- June 4, 2002: Qwest CEO Criticized At Stockholders' Meeting
- May 23, 2002: Qwest's Rating Downgraded To Junk Status
Copyright 2002 by TheDenverChannel.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
