WorldCom drops as company faces fraud charges

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WorldCom shares fell 90 percent yesterday (MONDAY) as the Nasdaq Stock Market announced plans to remove the shares from trading this Friday. WorldCom is facing fraud charges over its admission that it hid nearly four billion dollars in expenses on its books. Shareholders have filed a class-action lawsuit in federal court saying they paid artifically inflated prices for the stock. And the federal government said it may stop contracting with the telecommunications company. Bill George, former CEO of Minnesota-based Medtronic says Worldcom's financial misconduct, along with other corporate giants like Enron and Xerox, has weakened investor confidence and damages the business community as a whole.

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