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Technology Stocks : Nortel Networks (NT)

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To: David Hansen who wrote (14002)	8/17/2004 8:25:10 AM
From: tom pope	Read Replies (1) of 14638

Wanna bet robgera dismisses this as old news? SAN FRANCISCO (CBS.MW) -- Nortel Networks said late Monday its accounting is being investigated by Canadian police. The Brampton, Ontario, Canada-based telecommunications equipment company said the Integrated Market Enforcement Team of the Royal Canadian Mounted Police is opening a criminal investigation into the company's "financial accounting situation." Nortel(NT: news, chart, profile) said in a press statement that its accounting has been under review by police investigators. "Nortel will continue to cooperate fully with the RCMP in connection with the investigation," the statement reads. A week ago, the company said it expects to provide "estimated preliminary unaudited" results for its first and second quarters of 2004 on Aug. 19. Nortel said it would restate financial results as far back as 2001. See full story. A few months ago, Nortel (NT: news, chart, profile) fired its chief executive after it said it discovered a pattern of suspicious accounting. The company is also under investigation by U.S. federal prosecutors. Shares of Nortel closed up 9 cents, or 2.70 percent to $3.42 on Monday, ahead of the company's announcement

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