SEC reportedly targets Lucent

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New York--Lucent Technologies Inc., the wholly owned subsidiary of AT&T Corp. that is the world's largest telecommunications equipment maker, is under investigation by federal regulators for possible fraudulent accounting practices, The Wall Street Journal reported Friday. Citing people familiar with the probe, the paper said the Securities and Exchange Commission is looking into whether Lucent, a major b-to-b player, improperly booked $679 million in revenue for fiscal year 2000. In December, Lucent cut the $679 million from its fourth-quarter 2000 revenue statements after its own investigation. The Journal said the SEC is investigating how Lucent books sales, including how it gives its customers one-time discounts.
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