Qwest

Common card · No. 302324

Qwest Communications International, Inc. was a United States telecommunications carrier. Qwest provided local service in 14 western and midwestern U.S. states: Arizona, Colorado, Idaho, Indiana, Iowa, Minnesota, Montana, Nebraska, New Mexico, North Dakota, Oregon, South Dakota, Texas, Utah, Washington, and Wyoming. On April 22, 2010, CenturyLink announced it would acquire Qwest in a stock transaction. The merger closed on April 1, 2011. Qwest began doing business as CenturyLink in August 2011. Between 1999 and 2002, Qwest became involved in a major accounting scandal. The U.S. Securities and Exchange Commission alleged that the company fraudulently recognized more than $3.8 billion in revenue, excluded $231 million in expenses and made false statements that substantially inflated its share price. The SEC alleged that the inflated stock enabled Qwest to complete its acquisition of US West. Qwest subsequently paid a $250 million SEC penalty, while former chief executive Joseph Nacchio was...

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