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April 5, 2004

Nortel faces formal probe from SEC

Nortel Networks Corp's problems deepened yesterday, when it revealed it is the subject of a formal investigation by the US Securities and Exchange Commission.

By CBR Staff Writer

The Toronto-based vendor said the investigation was concerned with the company’s restatement of results, announced last October, and its subsequent announcement in March, 2004, that it would probably need to further revise some results and restate previously filed financial results for one or more earlier periods.

Last month the company put its CFO and its financial controller, Douglas Beatty and Michael Gollogym, on an extended absence of leave following questions raised over the telecommunications giant’s 2003 financial results

The SEC’s formal investigation follows an informal probe by the agency. In addition, Nortel’s audit committee is conducting its own investigation.

This article is based on material originally published by ComputerWire

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