Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: lnkennedy who wrote (13755)	3/15/2004 3:41:07 PM
From: The Ox	Read Replies (1) \| Respond to of 14638

The main reason the street is hammering the stock is because of the implication that NT is not fully disclosing the details. 03/15/2004 Dow Jones News Services (Copyright © 2004 Dow Jones & Company, Inc.) By Ben Dummett Of DOW JONES NEWSWIRES TORONTO (Dow Jones)--The Ontario Securites Commission wants Nortel Networks Corp. (NT) to provide it with additional information about the likely accounting revisions the network-equipment vendor plans to make and to speedily complete a review of its financial statements, a commission spokeswoman said. However, commission spokeswoman Wendy Dey declined to comment on whether the securities regulator has launched a formal investigation into Nortel. As reported, Brampton, Ont.-based Nortel sent its stock reeling Monday, after announcing it had placed its chief financial offer and controller on paid leave, pending the completion of the independent review of Nortel's financial statements. On Thursday, Nortel said it would likely restate results for 2003 and for one or more earlier periods as a result of the audit committee's ongoing review of certain accruals and provisions recorded in past financial statements. The securities commission had contacted Nortel on Thursday and was in touch with the company again early Monday, at which time commission was told of the executive suspensions, Dey said. "We've asked for further information regarding the likely revisions that they identify," Dey said. The commission also wants Nortel to complete the review of its financial statements and subsequently inform the commission of the issues involved "in an expeditious manner," Dey said. In New York, Nortel is down 14.6% or $0.95 at $5.48 on volume of 185 million shares. Company Web Site: nortelnetworks.com