Company Fraud WorldCom Investigation - Reduction of Reported Line Costs

WorldCom’s improper accounting took two principal forms: reduction of reported line costs, WorldCom’s largest category of expenses; and exaggeration of reported revenues. The overall objective of these efforts was to hold reported line costs to approximately 42% of revenues (when in fact they typically reached levels in excess of 50%), and to continue reporting double-digit revenue growth when actual growth rates were generally substantially lower. https://www.sec.gov/Archives/edgar/data/723527/000093176303001862/dex991.ht #ex991902_3 Song: My Train's A Comin' - Unicorn Heads

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