Nortel Networks Corp and its principal operating subsidiary, Nortel Networks Limited (NNL), today announced a furth...
November 11, 2004
Nortel Networks Corp and its principal operating subsidiary, Nortel Networks Limited (NNL), today announced a further delay in the filing of the company’s and NNL’s financial statements and related periodic reports.
“We have taken this decision to postpone our filings as a prudent measure to take the steps needed to ensure that we have captured all necessary corrections and adjustments in our restated results,” said Bill Owens, president and CEO of Nortel.
“I am well aware that this delay will be disappointing to all our stakeholders, but we believe good governance requires that these additional detailed reviews be completed so that we will have the highest confidence in the accuracy of the financial results we will provide to the market.
“Accuracy and finality are my and the Board’s overriding objectives in finalizing the restatement of our financial results. In parallel with this effort, all of us at Nortel continue to drive our business forward in the marketplace.
“The challenges of reviewing and verifying hundreds of thousands of documents and communications and related accounting entries over multiple fiscal periods have been monumental."