No Telling With Nortel
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The hits just keep on coming at Nortel (NYSE: NT), the ever-increasingly less-massive Canadian telecommunications and data networking equipment company.
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SEPTEMBER 02, 2004 (REUTERS) - Nortel Networks Corp. said today it will again delay filing its financial results, predicting the reports for 2003 and the first half of 2004 won&#39;t be out until the end of October.
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Nortel Networks on Monday declined to comment on a news report that the company is negotiating with Motorola to combine wireless infrastructure units.&quot;Nortel doesn&#39;t comment on rumors and speculation,&quot; a Nortel spokesman said.The two companies are talking as a way to cut costs in a network equipment market that is consolidating and facing stiff competition, The Wall Street Journal reported Monday.The deal with Nortel would be separate from Motorola&#39;s announcement last month that it was&#160;considering spinning off its mobile handset business, the Journal reported. Motorola on Jan. 31 announced it was looking at separating the lagging handset division from the rest of its business.A Motorola spokeswoman wasn&#39;t immediately available for comment Monday.A combined wireless infrastructure unit would have sales around $10 billion, the Journal reported. Talks between Motorola and Nortel have been going on for about a month, the news report said, and under one scenario, Nortel would own a majority of the joint venture.Both companies have faced challenges recently. Motorola last month reported a loss of $49 million for 2007, due largely to declining handset sales.But fourth-quarter 2007 sales were up in the Home and Networks Mobility group, which makes set-top boxes and wireless infrastructure. The group saw sales rise 11 percent to $2.7 billion from the fourth quarter of 2006.Last year, the U.S. Securities and Exchange Commission charged seven former Nortel executives with participating in a 2003 accounting fraud by manipulating reserves to manage Nortel&#39;s earnings.Last February, Nortel announced it would lay off 2,900 employees and move another 1,000 jobs to low-cost locations throughout 2007 and 2008.
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Nortel Networks Corp.   one of the world's largest telecom equipment makers, reported long-delayed results for the first half of 2004 on Tuesday.
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TORONTO -- Nortel Networks shares fell yesterday after the troubled telecom equipment maker said its growth this year will likely trail the overall industry -- rather than outperforming its peers as the company had been predicting.
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NEW YORK, October 27  - Nortel Networks Corporation (NT.NYS) has postponed the release of its long-awaited financial results restatement until mid-November this year.
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Nortel Networks, one of the one of the worldâs biggest telecoms equipment makers, has again delayed filing its restated financial results, mainly because of revenue reporting issues, the company said Thursday.
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(InfoWorld) - U.S. and Canadian stock regulators filed fraud charges on Monday against several former executives of Nortel Networks, accusing them of twisting accounting practices to make it seem that the company was meeting Wall Street expectations. The U.S. Securities and Exchange Commission charged Frank Dunn, Nortel's former CEO and CFO, Douglas Beatty, the former CFO and controller, Michael Gollogly, the former controller and MaryAnne Pahapill, the former assistant controller. Meanwhile, the Ontario Securities Commission announced it would hold a hearing on May 1 to consider sanctions against Dunn, Beatty and Gollogly. The charges come as Nortel struggles to recover from the scandal. The company had fired or accepted resignations from all four managers by 2005, but is still repairing the damage to its financial records and its reputation. On March 1, Nortel said it would post yet another round of financial restatements and delay the filing of its 2006 annual report. The defendants all disregarded accounting practices and disclosure requirements in their effort to manipulate the books at the Canadian telecommunications equipment maker, the SEC said in charges filed in the U.S. District Court for the Southern District of New York. "The fraudulent conduct at issue here was egregious and long-running," said Linda Thomsen, director of the SEC's division of enforcement, in a statement. "Each of the defendants betrayed Nortel's investors and their misconduct gave rise to billions of dollars in shareholder losses." According to the SEC, between late 2000 and January 2001, Dunn, Beatty and Pahapill changed Nortel's revenue-recognition policies so they could appear to meet financial forecasts. And from July 2002 through June 2003, Dunn, Beatty and Gollogly created an illegal pool of reserve funds they used to fabricate profits, meet earnings targets and award bonuses. Then, in the second half of 2003, Dunn and Beatty tried to cover their tracks by explaining the company's $948 million restatement as an accounting error caused by internal control mistakes, the SEC said. That restatement was actually caused by the secret fund. Although he did not address the charges, one of the defendants quickly denounced the SEC for charging executives of a company outside U.S. borders. "I am disappointed that, after three years, the [SEC] has brought charges on the same day in respect of the same matter as the Ontario Securities Commission," said Dunn in a statement. "I think it would have been appropriate, under the circumstances, if the authorities in the United States had deferred to the Ontario Securities Commission in what is really a Canadian matter, and had acknowledged that the Canadian authorities are fully capable of addressing these important issues." However, the SEC insisted that it had jurisdiction since Nortel's stock trades on U.S. exchanges. "The action we take today sends a strong message that officers of U.S.-filing foreign corporations will be held to the same standards of accountability that are required of all participants in the U.S. financial markets," Thomsen said. Â
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In a long-delayed report to clean up a multiyear accounting scandal, Canadian telecom equipment maker Nortel Networks Corp. slashed its audited profit for 2003 by 40 percent while reporting that a dozen senior executives would repay $8.6 million in bonuses and five board members would resign.
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Nortel Networks Corp., the Canadian maker of telecom equipment, filed a lawsuit on Friday against Vonage Â claiming that it violated nine patents related to Internet phone services and related features such as 911 and 411 calling and click to call.
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Aug. 23, 2004  Problem-plagued Nortel Networks Corp. announced plans Thursday, Aug. 19, to eliminate an additional 3,500 jobs and fire seven more senior executives as the company labors to reinvent
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Nortel Networks says it will again delay the release of its restated financial results. The Canadian telecom vendor originally promised to release the restated results in September.
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U.S. stocks were set to open near  unchanged on Thursday after a warning from technology  bellwether Nortel Networks Corp. NT.N and a rise in oil  prices weighed on investor sentiment.
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OTTAWA  - Nortel Networks Corp.  posted long-awaited preliminary results for the first half of2004 on Thursday, estimating first and second quarter earningsbetween nil and 1 cent per share.
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TORONTO (CP) - The accounting calamity at Nortel Networks Corp. deepened Thursday as Canada&#39;s largest technology company again delayed its financial statements and restatements.
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TORONTO - Nortel Networks warned Thursday its third-quarter revenue will be below the $2.6 billion US preliminary unaudited revenues it reported for the second quarter.
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Nortel Networks Corp.  , one of the world's largest telecom equipment makers, released its long-awaited restatement of 2003 results on Tuesday.