Apr, 2002 : Trading in Metromedia Fiber Network Resumes
📅 - The Nasdaq Stock Market said today that trading in Metromedia Fiber Network (mfn.com), an IP networking firm, would resume as of 10:30 EDT today.
Trading in Metromedia shares were halted April 18 pending further information from the company after Metromedia said that KPMG, its auditor, had found flaws in the company's accounting practices. Metromedia re-stated its results yesterday. In early April, the troubled firm announced senior management changes and said it had defaulted on certain interest payments. Shortly thereafter, both Verizon Global Networks and Genuity Solutions terminated their fiber optic agreements with MFN. And in mid-March, MFN warned it might be forced to file for bankruptcy protection if it could not restructure its debt. Trading in Metromedia shares were halted at five cents on April 18.
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