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The Securities & Exchange Commission has issued a formal order in connection with the company’s financial results for 2000, 2001, 2002 and the first three quarters of 2003 that will cause Nortel to restate previously restated results.
Troubles at Nortel began a month ago when it had to delay filing its annual report because its audit committee wanted more time to examine financial statements.
Nortel has declined to disclose the nature of the investigation by the SEC, but says it has been ‘communicating and cooperating’ with the watchdog since October 2003.
Nortel shares fell 33 cents to $7.94 in Toronto trading yesterday.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements