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Technology Stocks : Nortel Networks (NT)
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To: tom pope who wrote (14209)10/27/2004 7:34:05 PM
From: Qualified Opinion  Read Replies (1) of 14638
 
Excerpt from today's update:

The independent review by the Nortel Networks Audit Committee is continuing and nearing completion. The Audit Committee’s continuing objective is to arrive at a full understanding of the facts and circumstances that gave rise to the Company’s and NNL’s restatements before the financial statements are finalized and filed.

Despite the significant work completed to date, the Company and NNL will not be in a position to file financial statements by the end of October 2004 as previously announced. The Company now expects that it and NNL will file, in mid November 2004, financial statements for the year 2003 and the first and second quarters of 2004, and related periodic reports.

“This delay in our timeline for completing the restatement process was a very difficult decision. Our first accountability is to unquestionable quality of this restatement for our shareholders, customers and employees,” said Bill Owens, president and chief executive officer, Nortel Networks. “I was not satisfied given the enormous details and complexity involved that we would be able to meet our October deadline. Although this delay is disappointing, we have made great progress toward completion, have continued to devote massive resources to the restatement effort and are confident that we are very close to the end of this critical chapter. Seeing that closure is close at hand leads us to be confident about moving forward with our business.”
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