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Nortel announces SEC investigation

Nortel Networks today announced that the U.S. Securities and Exchange Commission (SEC) has issued a formal order of...


April 5, 2004  


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Nortel Networks today announced that the U.S. Securities and Exchange Commission (SEC) has issued a formal order of investigation.

The probe is in connection with the company’s previous restatement of its financial results for certain periods, as announced in October 2003, and its announcements last month regarding the "likely need to further revise certain previously announced results and restate previously filed financial results for one or more earlier periods."

The matter has been the subject of an informal SEC inquiry. An independent review is also being undertaken by the Nortel Networks Audit Committee.

The company said in a statement that it has been fully cooperating with the SEC and will continue to do so in order to bring the inquiry to a conclusion as promptly as possible.


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