The company, which is owned by now-bankrupt Global Crossing Ltd and counts Japan's Softbank and Microsoft Corp. (NasdaqNM:MSFT - news) as major shareholders, said its earnings release originally scheduled for Feb. 19 had been postponed until Feb. 26.
The company, in its statement from Hong Kong which was released in the United States, did not give a reason for the delay of its statement.
Global Crossing is the target of a Securities and Exchange Commission investigation into its accounting practice and is also the target of class action suits by investors. The FBI has also said it is investigating the company, which filed for bankruptcy protection in January.
Thu Feb 14, 7:04 PM ET Global Crossing Attracts Congress Amid Enron Probe - WASHINGTON (Reuters) - Accounting practices at bankrupt telecommunications company Global Crossing are drawing attention from congressional investigators even as probes of Enron Corp.'s collapse continue, lawmakers' aides said on Thursday. "We have begun the early stages of gathering the facts on the Global Crossing bankruptcy," said Ken Johnson, spokesman for House Energy and Commerce Committee Chairman Billy Tauzin, a Louisiana Republican.
One can only hope that the Bush administration has put some of ITS appointees on this case instead of trusting Clintonites for this investigation.
"We have begun the early stages of gathering the facts on the Global Crossing bankruptcy," said Ken Johnson, spokesman for House Energy and Commerce Committee Chairman Billy Tauzin, a Louisiana Republican.
"It's inevitable we're going to do something. It's just too early to tell what," Johnson said.
Separately, the investigative arm of Congress, the General Accounting Office (news - web sites), was asked to include Enron and Global Crossing in an upcoming report on accounting and auditing issues.
The GAO request came from Michigan Rep. John Dingell, the ranking Democrat on Tauzin's panel, and Senate Banking Committee Chairman Paul Sarbanes, a Maryland Democrat.
Hamilton Bermuda-based Global Crossing filed last month for bankruptcy protection from creditors, the fourth largest corporate insolvency in U.S. history.
A former employee has alleged that Global used improper accounting methods to artificially inflate revenues. The FBI (news - web sites) and the U.S. Securities and Exchange Commission are investigating.
Enron made the biggest U.S. bankruptcy filing ever on Dec. 2, after investors lost confidence amid a slew of questions about partnerships that an internal company investigation has since said were used to hide debts and inflate profits.
Ten congressional panels plus the SEC and U.S. Justice Department are probing Enron's demise. "
only ten?