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 DENVER (AP) - Former Qwest Communications CEO Joe Nacchio, a firm believer in the telephone company's future, was reluctant to sell shares in early 2001 and asked the board for an extension but was turned down, his attorney says.
Nacchio "believed passionately, firmly and honestly in the public financial targets of his company," defense attorney Herbert Stern told jurors Tuesday during a two-hour opening statement. "We're going to demonstrate and show and prove to you that the accusations in this case are false."
Earlier, prosecutor James Hearty insisted that Nacchio dumped $101 million worth of stock in the first five months of 2001 because he knew that Qwest Communications International Inc. could be in financial trouble.
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