Another Investigation at Nortel
January 15th, 2005 Posted in Main Page
If you thought Nortel's accounting woes were over with the filing of its 10-K to the SEC earlier this week, think again. Buried within the filing is thatt Nortel's audit committee will be conducting an internal investigation into how the company recognized revenue in the late-1990s during the go-go days of the telecom boom. Nortel will be advised by Washington, D.C.-based Wilmer Cutling Pickering, which prepared the independent review that alleges ex-Nortel CEO Frank Dunn and his financial team cooked the books in 2002 and 2003.
If you're John Roth, who has been trying to get by on the $135-million he “earned” after exercising stock options in 2000, it's probably time to call your lawyer. Here's the full story in the Financial Post.
January 15th, 2005 at 10:51 am
Why don't they just start checking the books back to the 1940s. I'm sure there was all sorts of finangaling going on then. At a certain point you gotta give it up.