(Denver-AP) -- Qwest Communications confirms today it is being
investigated by the U.S. attorney's office in Denver.
In a statement, Denver-based Qwest says it was informed of the
investigation yesterday, but the exact nature of the probe was not
In the past year, Qwest has faced a Securities and Exchange
Commission inquiry into its accounting practices, a downgrade of
its credit rating to junk status and a sinking stock price.
Longtime chief executive officer Joseph Nacchio resigned last
Qwest is the local phone company for 14 states extending from
Minnesota west to Washington and southwest to Arizona and New
As investors reacted to the news, Qwest shares sunk sharply on
the New York exchange, declining about 30 percent.
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