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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.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016