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Technology Stocks : Lucent Technologies (LU)

LU 3.120

+11.4%

3:59 PM EDT

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From: David C. Burns	3/10/2006 6:54:42 PM
	of 21876

From Good Morning, Silicon Valley: I guess you could say we're restating our restated restatements ... hehehe ... Nortel just can't seem to dig itself out from the accounting woes that have turned the once proud telecom gear maker into the punchline of CFO jokes. This morning, the company said it needs to again restate past financial statements after uncovering still more accounting mistakes. As you may recall, Nortel spent quite a bit of time in the headlines back in 2004 when it was discovered that senior executives allegedly manipulated accounting practices to meet internal profit targets. Revenue was underreported in some periods and overreported in others. This snafu, while not more of the same, is daunting nonetheless. A lousy turn of events for a company that has already restated three and a half years worth of results, and one that prompted CEO Mike Zafirovski to offer this pale reassurance: "This revenue is real -- it was just recognized in the wrong periods." related links: siliconvalley.com

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