Bankrupt telco Global Crossing is launching an independent probe into its accounts, while facing an investigation by US regulator the Securities and Exchange Commission.
The move follows allegations against the company of impropriety by an ex-employee.
Roy Olofson, Global Crossing's former finance vice president, wrote to the company's lawyers last August suggesting that the accounts indicated that its financial performance was better than it actually was.
Olofson was made redundant in November and is currently suing the company for unfair dismissal.
The telco, whose slogan is "Go Further, Aim Higher", is alleged to have inflated its earnings and cash flow to make its outlook appear brighter.
An independent probe of Global Crossing's accounts has been launched amid growing concerns among investors over the company's accounting practices.
The concerns have been fuelled by the current bout of 'Enronitis', a term coined to describe the growing number of companies which have come unstuck by the use of 'unusual' accounting practices.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago