No comment necessary, I guess.
DOW JONES NEWSWIRES
March 21, 2005 7:33 a.m.
WASHINGTON -- Nortel Networks Corp. (NT) disclosed Monday that its disclosure controls and procedures were still not effective as of the third quarter of 2004 and as of Friday.
In its much-anticipated quarterly report for the period ended Sept. 30, 2004, filed with the Securities and Exchange Commission, Chief Executive William A. Owens and Financial Chief Peter W. Currie said the disclosure controls and procedures don't provide reasonable assurance that information required to be disclosed in the company's reports is recorded, processed, summarized and reported as and when required.
As reported, over the last two months, the communications networking company filed its audited financial statements for 2003 and the first two quarters of 2004, and restated results for 2001 and 2002, which corrected bookkeeping errors that sparked criminal and regulatory investigations.
Nortel still must file fourth-quarter results, and the company has promised to issue those results by the end of April.
-By Chad Clinton, Dow Jones Newswires; 202-862-1349; chad.clinton@dowjones.com |
