Key events in the history of Qwest Communications

Key events in the history of Qwest Communications

A timeline of key events in the history of Qwest Communications International Inc.:

— April 1995: Qwest opens its Denver headquarters as a fiber-optic network operator and long-distance telephone service provider.

— December 1996: Qwest hires Joe Nacchio as president and CEO.

— June 1997: Qwest sells a 14 percent stake to investors for $279 million in an initial public offering.

— June 1998: Qwest buys LCI International Inc., a company more than twice its size, forming the nation’s fourth-largest long-distance company.

— July 2000: Qwest completes a merger with US West, a Denver-based Baby Bell.

— April 2002: The Securities and Exchange Commission begins an inquiry into Qwest accounting practices.

— June 2002: Nacchio resigns.

— August 2002: Qwest sells its Yellow Pages business for more than $7 billion.

— October-November 2002: Qwest restates $531 million in improperly recognized revenue, erases $358 million in earnings and takes nearly $11 billion in charges for reduced value.

— October 2004: Qwest agrees to pay $250 million to settle SEC allegations of “massive financial fraud.”

— March 2005: SEC files civil claims against Nacchio and other former Qwest executives, accusing them of orchestrating a fraud.

— December 2005: Federal grand jury indicts Nacchio on 42 criminal counts of insider trading. He pleads not guilty.

— April 2007: Jury convicts Nacchio on 19 counts and acquits him of the others.

— May 2007: Qwest loses a bid to buy MCI Inc., which accepts a buyout offer from Verizon Communications Inc.

— July 2007: Nacchio is sentenced to six years in prison and ordered to forfeit $52 million.

— April 2009: Nacchio reports to prison after losing an appeal of his conviction to the 10th U.S. Circuit Court of Appeals.

— May 2009: A judge approves a settlement of about $400 million in a shareholders’ class-action lawsuit against Qwest.

— July 2009: 10th Circuit orders a new sentence for Nacchio, saying his sentence was too long. The new sentence hasn’t yet been handed down.

— October 2009: The Supreme Court refuses to hear Nacchio’s appeal of his conviction.

— April 2010: CenturyTel Inc. says it will buy Qwest in a stock swap worth $10.6 billion.