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Technology Stocks : Nortel Networks (NT)

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To: tom pope who wrote (14088)	9/2/2004 4:08:31 PM
From: Qualified Opinion	Read Replies (1) of 14638

Tom, I might have the reason for the delay. Excerpt from the article: No Material Developments "The announcement we made on September 2nd does not involve any material developments," Nortel spokesperson Tina Warren told NewsFactor. "The reason for the delay is the volume and complexity of the work we have to do in restating our financial results. There are thousands of accounting entries to look at and also a number of geographical regions to cover." Nortel has to go through three phases before the restatement is complete. "First, the independent review that our board of directors commissioned from accounting firm Wilmer, Cutler and Pickering has to be complete," , Warren said. "Then, once that review is completed, we have to prepare our restated financial results based on Wilmer, Cutler and Pickering's review. Finally, Deloitte Touche has to audit our restated results." The company is concerned about achieving the highest standards of accuracy and thoroughness as it works on its restated results. "We don't want to have to go through this exercise ever again," Warren said. Link:http://story.news.yahoo.com/news?tmpl=story&u=/nf/20040902/bs_nf/26727

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