Nortel To Restate Years Of Revenue Earnings

Law360, New York (March 13, 2006, 12:00 AM EST) -- Nortel Networks Corp., the telecommunications supplier plagued by accounting scandals over the last few years, indicated that it will restate its financial results in order to properly relocate $866 million in “incorrectly recognized” earnings.

The Canadian-based communications equipment supplier, which has maintained that it addressed a number of significant accounting problems that unfolded a few years ago, said that a review found evidence that the company did not adhere to proper accounting guidelines concerning the timing of earnings disclosures.

“Nortel announced that it and NNL will...
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