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Investor Files Suit Against Qwest

October 2, 2001

DENVER (AP) _ Another investor on Monday filed a lawsuit against Qwest Communications International Inc. accusing the company of inflating the value of a European joint venture.

At least three other similar lawsuits have been filed against Qwest, which has denied the accusations.

The new suit, by Qwest shareholder David Tanner, claims Qwest overvalued a European joint venture, KPNQwest and requests a jury trial.

Tanner seeks compensation to be awarded at the trial including attorney and expert fees. He also wants the court to certify the lawsuit as a class action on behalf of everyone who bought Qwest stock between March 22 and July 23 of this year.

Another shareholder requested a similar court order in September.

Qwest has defended its handling of KPNQwest, saying it followed conventional accounting practices.

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