SEC Statement Concerning WorldCom
FOR IMMEDIATE RELEASE
Washington, D.C., June 26, 2002 — The Securities and Exchange Commission issued the following statement today on WorldCom:
The WorldCom disclosures confirm that accounting improprieties of unprecedented magnitude have been committed in the public markets.
The public can be assured that we are actively investigating these and other events relating to the veracity of WorldCom's financial statements and disclosures. As part of that investigation, we are ordering the company to file, under oath, a detailed report of the circumstances and specifics of these matters.
These events further demonstrate the need for comprehensive market regulatory reforms that the administration, the Congress, and the SEC have been advocating and implementing.