Nortel financial restatement probe begins


Nortel financial restatement probe begins

The US Securities and Exchange Commission has launched a formal investigation into Nortel Networks' restatement of its financial results.

The SEC has been conducting an informal inquiry into the restatements, and the Nortel Networks Audit Committee has also conducted an independent review.

"Nortel Networks has been co-operating fully with the SEC and will continue to do so to bring the inquiry to a conclusion as promptly as possible," the company said.

Last month, Nortel announced that it was likely restate to its results for the second time in six months and that it would delay filing its annual 2003 financial statements with the SEC.

The company also said it placed its chief financial officer and controller on paid leave pending the completion of the independent review being conducted by the audit committee.

Linda Rosencrance writes for Computerworld


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