TRENTON – Shares of Lucent Technologies Inc. plunged as much as 30 percent Wednesday before the struggling maker of telecommunications equipment strongly denied rumors that it plans to file for Chapter 11 bankruptcy reorganization.
The market rumors helped send Lucent’s already battered stock plummeting, before it recovered somewhat after the company issued its denial. .
Lucent’s early drop to as low as $5.50 briefly pushed the stock to an all-time low since the company’s spinoff from AT&T Corp. in April 1996..
In the initial public offering, the stock debuted at the equivalent of $6.38 per share, adjusted for two stock splits and the recent spinoff of Lucent’s telephone-making business, now called Avaya. .
The latest downturn for the stock, among the most widely held in the country and long a favorite of analysts, follows a string of strategic missteps and profit disappointments that has led to the ouster of Lucent’s chief executive and a major restructuring
