BusinessCompany NewsNortel Networks makes ‘accounting gain’ from lawsuit

Nortel Networks makes ‘accounting gain’ from lawsuit

Quarterly results show improvement

Nortel Networks, the subsidiary
operational arm of telecom group Nortel, has reported a smaller first-quarter
loss due in part to an accounting gain relating to a shareholder lawsuit.

The company which has just appointed KPMG
as its auditor, said sales had also grown as it filed its latest quarterly
report with the SEC.

Th news comes as parent company Nortel sits under a cloud after four former
executives were charged with repeated acts of accounting fraud by the
Securities and Exchange Commission in March

Nortel Networks recorded a loss of $103m (?52m) , or 23 cents a share, in the
first quarter of the year, compared to a loss of $171mi n the same period a year
earlier.

Further reading:

KPMG wins Nortel audit

SEC swoops on Nortel executives

Nortel CFO to step down

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