Investor Files Suit Against Qwest
Oct. 02, 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.