Ex-Qwest Exec Says CEO Was Optimistic For Analysts

Law360, New York (March 21, 2007, 12:00 AM EDT) -- A former Qwest executive testified Wednesday that Qwest Chief Executive Joe Nacchio remained optimistic about the phone company’s financial outlook during a December 2000 conference call with analysts even though many companies in the industry were lowering their growth targets.

Lee Wolfe, a former senior vice president of investor relations, told jurors in Nacchio’s insider trading trial that shares of Qwest Communications International Inc. increased by $5 after the conference call that day, and another $5 per share five trading days later.

Wolfe testified on the...
To view the full article, register now.