Nortel Restates, Looks for Fresh Start
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Nortel Networks Corp. NT.TO NT.N  took steps to close the books on a protracted accounting  scandal on Tuesday, releasing long-awaited restatements of  results from 2001 through 2003 and announcing that executives  would pay back millions of dollars in bonuses.
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After having promised to file its revisions by the end of October, Nortel Networks Corp. said it would delay its long-awaited restatement for the second time.
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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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Nortel Networks Corp. (NT) warned on Thursday it will again delay filing restated financial results, shaking investor confidence in the leading telecom equipment maker and sending its stock lower.
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Nortel Networks Corp. expects to report lower 2004 third-quarter revenues compared to the second quarter, North America&#39;s largest maker of telecom equipment said in a market update required by regulators on Thursday.
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Telecommunications maker Nortel Networks (NYSE: NT) won&#39;t have to lay off as many people as expected. The Canadian company announced Thursday that it plans to lay off 3,250 employees - about 250 less than
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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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Analysts will wade through the flood of  revisions to financial data that Nortel Networks Corp. NT.TO  is expected to unleash next week looking not so much for  insights into its past, but for clues to its future.
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Nortel Networks said today that it will begin releasing restated and delayed financial results dating back to 2001 next week after a nine-month delay.
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Nortel Networks Corp. (NT.TO: Quote, Profile, Research) said on Wednesday that a far-reaching revision of its faulty financials will not require accounting changes for sales of certain fiber optic equipment.
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Nortel Networks, one of the world&#39;s biggest telecommunications gear makers, has again delayed filing its restated financial results mainly because of revenue reporting issues, the company said Thursday.
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Retreating from an upbeat forecast it  made just last month, Nortel Networks Corp. NT.TO on Thursday  warned that third-quarter sales will fall below its second  quarter and 2004 revenue growth at North America's largest  telecom equipment maker will lag the sector.
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Nortel Networks Corp. NT.TO on  Thursday said it would eliminate about 10 percent of its work  force, slightly less than previously estimated, and consolidate  real estate in a cost-cutting plan that will save $500 million  in 2005.
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MANHASSET, NY - Nortel Networks Corp. announced Wednesday (Oct. 27) that it will postpone releasing its third-quarter 2004 earnings until December, as the network infrastructure company continues to work
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Nortel Networks said the further delay in its release of financial information will &quot;permit the resolution of focused revenue reporting issues and remaining accounting matters identified by Nortel management.
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Telecommunications equipment maker Nortel Networks will not lay off as many employees as it previously predicted, the company said Thursday.
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Nortel Networks Corp. (NT.TO: Quote, Profile, Research) expects to report lower 2004 third-quarter revenues compared to the second quarter, North America&#39;s largest maker of telecom equipment