US telecom company Qwest today said it has received a subpoena in a federal investigation of Global Crossing and will cooperate fully with authorities.
Qwest battled Global Crossing in 2000 for US West, the Denver-based Baby Bell. Qwest launched a successful hostile bidding war to break up Global Crossing's merger agreement with US West.
The SEC is investigating allegations that Global Crossing, which filed for bankruptcy in January, misstated revenue and expenses.
Company officials have said the accusations by Mr Roy Olofson, former vice president of finance, are without merit and that they are cooperating with the investigation.
The Bermuda-based Global Crossing listed $12.3 billion of debt and $22.4 billion of assets making it the largest telecom bankruptcy case in US history.
AP