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


Related Topics: IT strategy, VIEW ALL TOPICS

Email Alerts

Register now to receive IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

COMMENTS powered by Disqus  //  Commenting policy