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Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (13096)	7/17/2002 6:56:32 PM
From: sylvester80	Respond to of 14638

Nortel, Auditor Deloitte Face Canadian Lawsuit Over Accounting quote.bloomberg.com Toronto, July 17 (Bloomberg) -- Nortel Networks Corp. and its auditor Deloitte & Touche LLP were sued by investors claiming the No. 2 North American phone-equipment maker overstated revenue in late 2000 and early 2001. The class-action lawsuit alleges that Nortel engaged in improper accounting practices that overstated its revenue and that Deloitte failed to have the company correct the accounts or warn investors. The lawsuit seeks damages of C$5 billion ($3.3 billion) for negligence and misrepresentation and C$1 billion in punitive damages. It was filed in the Ontario Superior Court of Justice in Toronto. Dozens of class-action suits have been filed in the U.S. against Brampton, Ontario-based Nortel since the company said Feb. 15, 2001, that it wouldn't meet previous growth forecasts, the Canadian Press reported at its Web site. Nortel, which lost $25.6 billion in the past year and fired almost half of its 95,000 workers, has been accused in other lawsuits of failing to disclose a true picture of the company's finances in a timely manner. Nortel shares fell 17 Canadian cents to C$2.10 ($1.36) in Toronto. They have fallen 83 percent in the past year.