BNET Industries
- Private
- US
Dow Jones Description
Located in Clinton, MS. WorldCom is one of the world's largest telecommunications companies with 20 million consumer customers, thousands of corporate clients and 80,000 employees. MCI refers to its long distance service. It also owns UUNet, controlling the wires that Internet service providers use as superhighways to carry Internet traffic between cities and across continents. Even before the recent accounting disclosures, by 2001, WorldCom was already going through financial turmoil due to large debt and declining rates and revenue. Growth in the telecommunications industry was slowing and the company had too much network capacity. The company was deep in debt from an ambitious buying spree. There were also the controversial $408 million loans to CEO Bernie Ebbers to cover his margin calls on loans secured by company stock.
Peer Companies
NAICS Code Wired Telecommunications Carriers: 517110
News & Analysis
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class action and worldcom inc. - All News and Analysis
Why funds opt out of class action.
- 2006-02-20
Byline: Neil L. Selinger Historically, in the wake of corporate fraud, most investors have sought to recoup their losses by filing a claim in the settlement of a class-action lawsuit. Although this passive approach minimizes an investor's expendit Byline: Neil L. Selinger ...
Thanks, Mr. Hevesi.(a class action lawsuit between Alan G. Hevesi and MCI Inc.)(Editorial)
- 2005-07-25
Pension funds, as they collect their WorldCom Inc. class-action claims, ought to remember who achieved the settlements. Alan G. Hevesi, New York state comptroller and sole trustee of the New York State Common Retirement Fund, in his relentless pursui Pension funds, as they collect their WorldCom...
Big investors' suits stay put; Class-action law won't deter 'opt-out' cases.(Focus: Public Companies)
- 2005-05-16
Byline: SARAH A. KLEIN The sweeping class-action law passed by Congress in February aims to rein in massive consumer fraud and mass tort cases by corralling them into federal court, where the bar for filing lawsuits is higher. But the new law...
Utendahl Capital Partners, L.P. Settles WorldCom Class Action
- 2005-03-17
NEW YORK -- Utendahl Capital Partners, L.P. UCP announced today that it has reached a settlement agreement in the WorldCom class action litigation, which was brought on behalf of purchasers of WorldCom securities. The terms of the agreement are confidential and subject to court approval. Under the settlement, the company...
Rainy day; Citigroup.(Citigroup settles a class-action suit)(WorldCom Inc.)
- 2004-05-15
Citigroup settles a class-action suit with WorldCom shareholders Citigroup settles a class-action suit with WorldCom shareholders
Milberg Weiss Announces Class Action Lawsuit Against WorldCom Investment Banks
- 2003-03-21
Business Editors/Financial Analysts
News Briefs; Ohio withdraws from federal class actions, files solo lawsuits against WorldCom, Enron.(Brief Article)(Statistical Data Included)
- 2002-09-16
COLUMBUS, Ohio - Ohio filed lawsuits in state court against WorldCom Inc. and Enron Corp., and will withdraw from federal class-action lawsuits against the companies, announced Betty Montgomery, Ohio attorney general. Ms. Montgomery said two lawsu COLUMBUS, Ohio - Ohio filed lawsuits in...
Lockridge Grindal Nauen P.L.L.P. Files Class Action Suit Against WorldCom, Inc., Bernard J. Ebbers, Scott D. Sullivan, and Arthur Andersen, LLP
- 2002-07-11
Business Editors & Legal Writers
Lockridge Grindal Nauen P.L.L.P. Files Class Action Suit Against WorldCom, Inc., Bernard J. Ebbers, Scott D. Sullivan, and Arthur Anderson, LLP
- 2002-07-03
Business Editors & Legal Writers
Stull, Stull & Brody Announces 401k Breach Of Fiduciary Duty Class Action Against WorldCom, Inc
- 2002-06-28
Business & Legal Editors NEW YORK--BUSINESS WIRE--June 28, 2002--Stull, Stull & Brody has filed a 401k breach of fiduciary duty class action against WorldCom, Inc. (NASDAQ:WCOME) on behalf of persons who were participants in and beneficiaries of the following WorldCom retirement plans at any time...
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