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Technology Stocks : Nortel Networks (NT)

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To: hari t who started this subject	5/31/2004 11:49:02 AM
From: Cooters	of 14638

Nortel reporting update expected by Wednesday biz.yahoo.com Nortel reporting update expected by Wednesday Monday May 31, 11:43 am ET TORONTO, May 31 (Reuters) - Canada's top securities regulator said on Monday it expects Nortel Networks Corp. (Toronto:NT.TO - News) to provide by Wednesday the first of what could become a series of bi-weekly updates on its reporting problems. An Ontario Securities Commission spokeswoman said the regulator had been in contact with Nortel and had received assurances about the update. "We fully expect it by Wednesday for sure," said Ontario Securities Commission spokeswoman Wendy Dey told reporters. Dey made the comments following a hearing that extended a trading ban on directors, officers and insiders of North America's largest maker of telecommunications equipment. As a result of the order, Nortel is required to provide bi-weekly updates "on the affairs of the company". Nortel shocked financial markets last month by firing three top executives and warning that accounting problems already under investigation by regulators ran deeper than expected. The Brampton, Ontario-based company said at the time it expected to restate results to halve 2003 earnings, and any results filed after 2000 "should not be relied upon". ($1=$1.36 Canadian)

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