Nortel shares down following news of RCMP probe
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TORONTO - Shares of Nortel Networks dipped on the TSX in the wake of news the RCMP has launched an investigation into accounting practices at the telecommunications company.
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TORONTO Nortel Networks said on Thursday that it would slash its work force by 3,500, or 10 percent, as it struggles to recover from an accounting scandal that toppled three top executives and led to a criminal investigation and lawsuits.
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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 Corp. will cut 250 fewer jobs than it first expected but nearly a quarter of the 3,250 employees facing pink slips over the next nine months are slated to come from Ottawa, the company revealed yesterday.
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SEC charges four execs The SEC today threw the book at four former Nortel execs for cooking the books. Frank Dunn, ex-CFO and CEO at the Canadian telecoms equipment maker, Douglas Beatty, ex-controller and CFO, Michael Gollogy, ex-controller, and MaryAnne Pahaphil, ex-assistant controller, are accused of manipulating secret cash reserves and recognizing revenues earlier than they should have done to meet Wall Street expectations and to line their own pockets.â¦
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Aug. 18 (Bloomberg) -- Deloitte &amp; Touche LLP is being investigated by the governing body for Ontario&#39;s accounting industry over Nortel Networks Corp.&#39;s financial statements, the National Post reported.
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The Royal Canadian Mounted Police (RCMP) have launched a criminal investigation into the financial accounting practices of network gear maker Nortel Networks Corp. just days before the company is set to release some of its restated financial results.
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Nortel Networks said on Thursday it expects third-quarter revenue to fall short of the $2.6bn (Â£1.4bn) sales it posted in the second quarter of 2004.
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The Royal Canadian Mounted Police (RCMP) have launched a criminal investigation into the financial accounting practices of network gear maker Nortel Networks just days before the company is set to release some of its restated financial results.
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Paul Tellier stepped down as president  and chief executive of Bombardier Inc. BBDsvb.TO BBDb.TO,  sending the train and plane maker's shares down as much as 26  percent to a 10-year low on Monday.
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Nortel Networks Corp., North America&#39;s largest maker of telephone equipment, said revenue in the third quarter will decline from the second quarter&#39;s $2.
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TORONTO -- Nortel Networks said yesterday it will slash its workforce by 3,500, or 10 percent, as it struggles to recover from an accounting scandal that toppled three top executives and led to a criminal investigation and lawsuits.
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NEW YORK -- Nortel Networks Corp. reported a loss of 6 cents per share in the third quarter and predicted lower sales for 2004 than in 2003 on Tuesday, providing some of its first concrete figures for the
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In a long-delayed report, Canada's embattled telecommunications equipment supplier, Nortel Networks, sharply revised downward its 2003 profits to correct for bogus accounting.
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The U.S. Securities and Exchange Commission has charged four more former Nortel Networks Corp. executives with accounting fraud, alleging they manipulated reserves to change Nortel's earnings statements on the orders of more senior officers of the Canadian networking equipment maker.
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Canadian officials are opening a criminal investigation into accounting at Nortel Networks Corp. Shares in the telecom equipment maker edged lower yesterday.
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Nortel Networks Corp. investors predicted Tuesday the telecom equipment giant will again slash jobs when it reports long-overdue results this week, and shrugged off news of another criminal probe into its high-profile accounting woes.