a of accounting scandals, including a Justice Department probe into the company's accounting practices, and lawyers rounding up plaintiffs. In April 2004, investors again had reason to worry as Global Crossing announced it would need to review and restate its financial statements for all of 2002 and 2003 thanks to a $50 million to $80 million understatement of liability costs. In addition to WorldCom and Global Crossing, about a half-dozen other providers of telecom services began Chapter 11 bankruptcy proceedings in 2002, dumping customers and employees as they went. VAULT CAREER LIBRARY 2005 Vault Inc. Vault Guide to the Top Telecom Employers Introduction In September 2003, Sprint reorganized its services along business and consumer lines in an effort to save $1 billion. Wireless wins the day Thanks to the booming wireless market, however, Sprint, which offers wireless service under the Sprint PCS name, faces less market risk, analysts say. The same holds true for other major telecoms that have devoted resources to wireless services. In fact, the wireless market, with $89 billion in spending in 2003, outpaced long-distance for the first time that year, according to TIA research (LD posted $78 billion in spending). The number of wireless users was estimated at above 1 billion in 2003. The boom in wireless may herald renewed business activity in telecom. One notable example is Cingular's $41 billion purchase of rival AT&T Wireless, announced in February 2004, following a fierce bidding battle with rival Vodafone. As an example of how complicated the industry's family ties are, consider this: Cingular happens to be owned by rival Baby Bells BellSouth and SBC; competitor Verizon Wireless is a joint venture of Verizon and the Vodafone Group. Competition began to sizzle in late 2003, as the first phase of a federal law allowing "portability" - the ability of consumers to retain their phone numbers when switching carriers - took effect. Merger activity took off in late 2004 and early 2005. In December 2004, Sprint and