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Law firm files shareholders suit against Nortel

Connecticut law firm Scott + Scott, LLC filed a securities class action lawsuit today against Nortel Networks Corp.


March 24, 2004  


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Connecticut law firm Scott + Scott, LLC filed a securities class action lawsuit today against Nortel Networks Corp.

The complaint, filed in the United States District Court for the Southern District of New York today, alleges that during the period from December 23, 2003 and March 12, 2004, Nortel and certain of its officers violated U.S. security laws.

On March 15, Nortel delayed filing its annual report and admitted it may have to restate results for a second time in six months while the timing of certain accruals and provisions in 2003 and earlier periods are re-examined.

On Wall Street, Nortel’s shares reached over US$8 per share during this period and have declined to US$5.19 at the close of markets today.


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