A tech stock down 80% is nothing unusual these days. But when that stock is Lucent Technologies the 80% represents $183 billion in lost value and 4.6 million impoverished investors. The problem at Lucent (NYSE: LU) began with a quarterly earnings warning in December 1999. More warnings fol- lowed—the December 2000 quarter was in the red. Lucent has suffered the ouster of chief executive Richard McGinn, an SEC investigation, a debt-rating cut to one notch above junk, a battle to raise turnaround capital, then the revelation that a recently deceased personnel chief was a convicted felon.
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